Will the Housing Market Slow Down in 2021?
Buyers are actively seeking all types of property. Below are the most recent reports from Texas Association of Realtors. Our local recent activity will indicate these trends to be continuing. Out of state buyers seem to lead the way while metropolitan buyers seek solitude and a simpler lifestyle. Across Texas a west coast migration is prevalent, but northern residents seeking a warmer climate trail close behind. Our local region is a haven for rural dwellers especially desiring equestrian conducive property. The relocation of in-state residents is not to be forgotten. Buyers seeking to distance themselves from growing subdivisions are seeking the lesser restrictive open spaces.
The reports from around the state
Texas home sales soar, housing inventory declines in 2020's third quarter
Texas REALTORS® releases 2020-Q3 edition of the Texas Quarterly Housing Report
October 21, 2020 Austin
The number of Texas homes sold from July to September 2020 increased nearly 19% compared to the same time frame last year, according to the 2020-Q3 Texas Quarterly Housing Report released today by Texas REALTORS®.
"The Texas real estate market's resiliency, especially in the middle of a pandemic crisis, is nothing short of incredible, though our housing supply is still critically low," said Cindi Bulla, chairman of Texas REALTORS®. "We are hard at work looking for the supply solutions necessary to keep our market healthy and make the American dream of homeownership attainable to every Texan."
Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University, commented, "The Texas housing market experienced a strong push-through of demand from the second quarter into the third quarter. Active listings saw a sharp drop with many sellers hesitating to list their property in the middle of a pandemic. However, as the economy and employment numbers continue to recover, we anticipate end-of-year sales figures will be higher than 2019."