October 15, 2020
Total Texas housing sales declined 4.1% in August from an all-time high the previous month as pent-up demand from the economic shutdown normalized, the Real Estate Center at Texas A&M reported this week. Nevertheless, sales were up 3.1% year to date compared with the first eight months of 2019.
The Real Estate Center said strong demand for housing supported permit issuance, which increased for the fourth straight month to record-breaking levels. Current inventory, though, extended a year-long fall, particularly at the bottom of the price spectrum.
That shortage in turn contributed to the shift in the distribution of sales toward higher-priced homes and pushed the median home price up 8.4% annually. However, the Real Estate Center’s Repeat Sales Home Price Index suggested more moderate home-price appreciation, while single-family housing sales in September are expected to recover fully from August’s backslide.
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