Numbers show that existing home sales in Texas are down from last year, but 2013 recorded the second highest level for home sales according to “Texas Home Sales Slowing, But Market Still Strong,” RECON, http://recenter.tamu.edu/recon/main.asp?date=9/23/2014. Sales through August were down only 0.7 percent for the year compared to 2013. Monthly sales last year averaged 15 to 20 percent above the previous year. Matching this level of activity for a second year would certainly be a challenge.
Median home prices have risen about 7 percent year over year but are less than the nearly 10 percent seen last year. The number of homes for sale has declined almost 4 percent.
One sector struggling more than others is the first-time homebuyer. Interest rates remain low, but qualifying for lender requirements has proven difficult for many in this market. The number of homes available in the under $70,000 range has continued to decline and is currently at 7 percent compared to close to 15 percent in 2011 and almost 35 percent of all sales in 1996.
As long as the sales volume remains at the current level, 2014 will rank slightly behind 2013 making it the third highest year for home sales in Texas. The continued economic and population growth should help guarantee this.
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