real estate

Texas existing home sales rebound in March,

Tbut supply-side constraints persist The Texas housing market rebounded in March after Winter Storm listings on the market. New listings, however, have failed to keep Uri shocked activity during the previous month. Existing homes pace with sales, leading to diminished inventories across the state. sold through Texas Multiple Listing Services increased 9.8 percent “Texas’ months of inventory sank below 1.3 months for the first on a month-over-month (MOM) basis. time in series history, highlighting the shortage of homes on the

“Texas housing sales continued to trend upward amid historical- market,” said Torres. “The lack of supply, particularly for homes ly low mortgage-interest rates and waning effects of the pandemic,” priced under $300,000, is one of the greatest challenges to the according to Dr. Luis Torres, research economist for the Texas Real housing market and, more broadly, the Texas economy.” Estate Research Center at Texas A&M University. NAR announced similar constraints at the national level pushed

According to the National Association of Realtors (NAR), the median existing home sale price up 17.2 percent YOY. existing home sales fell 3.7 percent MOM but increased 12.3 Existing homes in Texas had a similar YOY price increase, percent over March 2020. Annual metrics, however, should be reaching a record $279,740. interpreted with caution. Torres notes how these explosive growth numbers may be

“We have reached the one-year mark of when COVID-19 deceptive. prompted a nationwide economic halt, which is distorting standard “While the median price is more robust to outliers than the averyear-over-year measures,” said Torres. “It may be more useful to age price, compositional changes in home sales can still cloud real look at higher-frequency data or to make comparisons with 2019 growth in prices,” he said. “Our Texas Repeat Sales Index avoids for the next few months.” this composition bias, showing annual growth in real housing prices

Existing home sales in Texas were 16 percent higher than in closer to 12 percent. This rate of home-price appreciation, however, March 2019. is still taxing housing affordability across the state.” BBM

Supply-side activity also rebounded from the February weather Information courtesy of Texas Real Estate Research Center. shock, with a 16 percent MOM increase in the number of new

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