Housing Market Heating Up Down South

Housing Market Heating Up Down South

The Texas Association of Realtors (TAR) released its Midyear Review Report on Friday, which boasted an increase in home values, home sales volume, and listing activity. The report covers data from January to June of 2017.

According to the report, median home prices sat at $221, 800, an increase of 7.7 percent year-over-year compared to a median price of $206,000 in 2016, and $194,900 in 2015. Total number of home sold also increased 5.5 percent year to date, at 166,256, which was also the third year in a row that number saw an increase. In 2016, there were 157,612 homes sold between January and June, and in 2015 that number was 148,295.

Days on the market remained unchanged from a year before, which averaged 58 days. Inventory stock saw a small increase year-over-year, which bodes well in the face of dwindling inventory on a national scale. TAR estimates that Texas has 4.1 months of available inventory, which is an increase of 0.3 months from June 2016, although the availability of home that are priced under $200,000 has decreased substantially—14.5 percent—since 2014.

On a smaller metro level, the four largest cities in the state, Austin, Dallas-Fort Worth, Houston, and San Antonio, all had increased vacancy rates from year end 2016, at 6.1 percent, 4.8 percent (Dallas), 3.6 percent (Fort Worth), 7.1 percent, and 5.2 percent, respectively.

Average rent prices also climbed steadily over the last few years, which is good news for inventors. Average rent in Austin is $1139 per month; in DFW it falls between $1090 and $909; Houston rent is at $1000. San Antonio had the lowest average rent at $886 per month.

The report listed other major, albeit smaller, metros through Texas with similar comprehensive data.