Texas Housing Market Slowing But Still Lucrative

Texas Housing Market Slowing But Still LucrativeLast year around this time, the sales of pre-owned homes were up 23% over the previous year, and prices were going up, and up, and up. This June however, home sales dropped just a bit – down 1% over last year. Prices rose by about 6%. So, that is a little bit of a slowdown when you compare it with last year’s figures, but the market is still very solid. So if you’re the holder of a real estate license, don’t let it expire. And if you’re thinking of enrolling in a Texas real estate school, you can be assured that there will still be great opportunities in the field of real property once you graduate.

Analysts believe that growth in the market for pre-owned homes will likely remain moderate over the months to come, as consumers resist huge price increases. Simply stated, buyers are experiencing a bit of “sticker shock.” In May of this year, the median price for single-family homes in North Texas was $189,900 – that’s a record high. Even so, the price for housing is growing more slowly than it did last year. There has also been a slight drop this year in the number of pre-owned homes sold – 3% fewer than had been sold as of this time last year. This slight decline has been attributed to fewer properties being placed on the market.

When considering these figures, it’s important to remember that last year was record-setting – in fact, according to Dr. James Gaines, who is a Real Estate Center economist, it was the second best year the industry has ever had. He estimates that this year, prices will increase somewhere between 5% and 10%, and that there will be significant differences depending on the type of neighborhood. The best neighborhoods, he believes, will see prices at considerably higher than 10%, and the worst may see prices stay flat or decrease somewhat.

So, in the final analysis, 2014 isn’t going to be the banner year that 2013 was – in fact, we may never see another year like 2014. The market is, however, still healthy, so don’t lose that Texas real estate license if you have one, and if you’re considering getting one, don’t be deterred from enrolling in a Texas real estate school. In the current real estate market in the state of Texas, it’s unlikely that we’re going to see real estate agents going hungry.