May 15, 2018
According to the National Association of Realtors’ Q1 2018 report, median housing prices nationwide increased 5.7% from the year before, ending up at $245,500 (versus the $232,200 from Q1 2017). The reason for the continual price appreciation is continual shrinking housing inventory. This, in turn, is slowing sales.
In Texas, median housing price increases are mixed, with the Sherman-Denison metro in North Central Texas up by 11.1%, year over year. At the opposite end, Corpus Christi housing prices declined slightly during the same time period.
“The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets,” said NAR Chief Economist Lawrence Yun. “Following the same trend over the last couple of years, a strengthening job market and income gains are not being met by meaningful sales gains because of unrelenting supply and affordability headwinds.”
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