Houston’s strengthening real estate market shows no signs of letting up next year, according to a report released this week.
The Texas Quarterly Housing Report, compiled by the Real Estate Centre, showed home prices rose by 7.4 per cent in the third quarter of 2014 and housing inventory remained low.
From July through September, 23,645 homes sold throughout this area, an increase of 1.35 percent over the same period in 2013.
The median price during that time was $198,700 while housing inventory fell to 2.9 months, the report said.
Jim Gaines, an economist with the Real estate Centre was quoted in the report, saying:
“Developers are building homes about as fast as they can, but continued shortages in labour and vacant developed lots are keeping homebuilders from increasing production even further statement. Combined with higher home prices and tougher lending standards, the Texas housing market will remain very competitive for homebuyers into 2015.
Texas as a whole was benefiting from a strong recovery in its real estate market, with 80,851 homes sold during the third quarter, up from the same period in 2013.
Dan Hatfield, chairman of the Texas Association of Realtors, said in a statement “Texas home sales continue to slightly exceed last year’s levels. If this trend continues, 2014 will surpass 2013 to become the second-best year ever for Texas real estate.”