February 22, 2020
Median home prices in Texas in 2020 could grow at two times the rate of 2019 increases. So said the latest forecast from the Real Estate Center at Texas A&M University. The forecast indicated that a combination of a strong economy, more people moving to the state, and demand outpacing supply would boost the cost of home purchases.
Real Estate Center Chief Economist James Gaines told the Dallas Morning News that, in 2019, home sales in Texas exceeded $100 billion, for the first time. “We are looking for prices to increase this year, probably between 5% and 6%, after 3% last year,” he said.
He added that, even with home prices on the rise, Texas’ major cities offer lower prices than in other major U.S. markets. “Our competitive advantage — one reason people come to Texas — is you can afford to buy a house here,” he said.
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