March 23, 2020
Existing home sales in Texas reached a record high last month, a milestone that was quickly forgotten with the arrival of the COVID-19 virus, says the Real Estate Center at Texas A&M University.
“A great beginning to the real estate selling season was suddenly awash in disruption,” said Dr. James Gaines, chief economist for the TAMU RE Center. Research economist Luis Torres added that February’s high-water mark is likely “the last hurrah” for the housing market for a while.
“The sudden stop of economic activity and financial market volatility is disrupting the selling and purchasing of homes,” Torres said. “There are anecdotal reports from [the National Association of Realtors] that the traffic of sellers and purchasers is slowing down considerably.”
Gaines added that while researchers at the center expect March data to be partially affected by COVID-19, “April numbers will provide a more complete description of the degree of disruption.”
Pictured: Texas A&M in College Station.
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