Report: Texas and Lubbock housing markets both performing well in 2016
The latest edition of the Texas Quarterly Housing Report was published on Monday by TAR. The 27-page publication provides quarterly real estate sales data for both the entire state and 25 metropolitan areas.
“The last few months have been one of the strongest starts to the summer selling season in the history of Texas real estate,” said Leslie Rouda Smith, chairman of TAR, in a press release. “Texas homes of all types and price classes are in high demand. This is especially true for homes priced under $200,000, which are often preferred by first-time homebuyers but also in shortest supply across the state.”
A record-breaking 91,418 homes were sold in Texas during the second quarter of 2016, which is the highest volume of Texas home sales ever, according to TAR.
“While some local markets are still being impacted by declines in the energy sector and housing affordability challenges, overall the Texas housing market continues to perform very well,” said Jim Gaines, chief economist at the Real Estate Center at Texas A&M University, in the release. “Flattening declines in statewide housing inventory and an increasing number of homes on the market indicate that Texas could finally be moving towards a more balanced housing market, although it will take some time to do so.”
The Lubbock housing market in Lubbock is also performing well, according to the TAR report. The median home price in the Lubbock metropolitan statistical area was $150,000 in the second quarter of 2016, which is an 8.3% increase over the second quarter of 2015. The number of closed sales during the same period was 1,207, which is a 4.7% increase since last year.
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Contact: Garrett Haley, (806) 784-3219
Coldwell Banker Commercial Capital Advisors
Source: Texas Association of Realtors