August 13, 2020
Pandemic or no, more Texas households now own a home than ever. The latest Texas Housing Insight report from the Real Estate Center at Texas A&M University says the state’s homeownership rate hit a record 67.5% in June.
“Despite falling sales in April and May, Texas’ second-quarter homeownership rate was the highest since record-keeping began in 1996,” said Center chief economist James Gaines. “Texas now lags the national rate by only half a percent, the smallest in eight years.”
Texas homeownership metrics follow nationwide trends. “National homeownership rates were higher across all races, including minorities,” said Gaines. “Among Texas metros, Austin had the greatest increase in homeownership, rising almost 6 percentage points to 65.3%.”
Gaines said the Center’s housing sales projection suggests July numbers may show a complete recovery in single-family home sales. But there’s a caveat: “Continued improvement depends on the resurgence in contracted coronavirus cases and hospitalizations.”
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