March 9, 2017
Connect is coming to Austin! Learn more here.
Though Texas’ single-family housing permits stood at 8,935 in January 2017, and while home construction has increased, continued demand and constrained supply prodded housing sales up by 4.1%. According to the Real Estate Center at Texas A&M University, demand outracing supply drove housing prices upward across the state.
On the supply side, months of inventory was tight in Texas, at 3.7 months. The Real Estate Center analysts note that a balanced housing market has around 6.5 months of inventory. Breaking it down, Austin had 2.5 months of inventory, Dallas 2.2 months and Fort Worth 2.1 months. San Antonio’s 3.4 months and Houston’s 3.7 months are closer to the statewide level, but still far below what is required for a balanced market.
Meanwhile, consumer-friendly interest rates contributed to January’s strong housing showing.
For comments, questions or concerns, please contact Amy Sorter
For advertising information, please contact Joni Margotta