By: web staff
Dallas, TX (KTVTTexas home sales hit a new high of 114,772 homes sold in the second quarter of 2021, up 24.7% from the second quarter of last year, according to the 2Q2021 Texas Housing Quarterly Report, released 26 July by Texas realtors.
“Texas is in the midst of a record summer sales season with unprecedented housing demand,” said Marvin Jolly, chairman of Texas Realtors. “Across the state, buyers have to compete more than ever for homes, which is driving home prices skyrocketing.”
The median home price in Texas rose 19.1% to $ 300,490. Of all homes sold in the second quarter, 30.1% were valued between $ 200,000 and $ 299,999, which is the highest share of sales of any distribution in the price class.
“The extremely low level of affordable supply is holding back sales and driving prices up as mortgage rates still hover at 3%, the economy grows, and current demographic trends continue to support housing demand,” said Luis Torres, Ph.D. ., research economist at the Texas Real Estate Research Center, Texas A&M University. “The limited number of homes under $ 300,000 is particularly worrying and highlights affordability.”
Texas home stocks fell to 1.4 months in the second quarter from 2.9 months in the second quarter of 2020. In a market balanced between supply and demand, stocks are between 6.0 and 6.5 months, according to the Texas Center for Real Estate Research at Texas A&M University.
“With this high demand and rising prices, buyers and sellers are relying more than ever on their realtors to help them navigate this highly competitive market. Many sellers are in the enviable position of getting multiple bids above the asking price, but find that it takes more than just picking the highest price to pick the best bid. Factors such as non-grading, a deposit, and termination options can come into play. On the other hand, buyers face the challenge of determining how to structure an offer that is different from the one the seller accepts, ”Jolly explained.
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