When Hurricane Harvey impacted the state of Texas, housing experts were left wondering how the storm would affect the market. Thankfully, their fears ended up being unnecessary. Despite the aftermath of the storm, the housing market in Texas saw a very strong fourth quarter.
According to reports, last year, home values and sale prices across the state were in all-time highs for the third year in a row. Overall home sales increased 4%, which totaled 336,502 homes being sold in Texas. There were also steady increases in terms of home prices as well, as the median sales price increased by approximately 6.7% to $223,990.
The report further states that Texas had approximately three months of home rotation by the time the fourth quarter came to an end. During this time, there was a 0.1% dip, while the average sable inventory should last for about six months. In terms of active listings, these increased by 5.5%.
Perhaps the biggest growth when it comes to median prices took place in the area of Dallas-Fort Worth, which is where one-third of the homes for sale last year ended up closing between $200,000 and $300,00. Furthermore, two-thirds of the homes were occupied by their owners by the time the year ended.
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