real estate

Texas housing market cools in August, sales still higher than same time last year

TTexas’ housing market slowed in August after a surge of pent-up Center Research Economist Dr. Luis Torres highlighted the demand inflated sales numbers the previous month. supply-demand imbalances that will challenge the housing market

“Sales activity is no longer catching up from the economic over the next year. shutdown that hindered the showing of homes and closings “While sales surged during the summer, the number of new at the beginning of the spring buying season,” said Dr. James listings hitting the market has not matched that recovery, worsenGaines, chief economist for the Real Estate Center at Texas A&M ing the state's housing shortages, particularly for homes priced University. less than $300,000,” said Torres. “This mismatch has pulled the

“Existing homes sold through Texas Multiple Listing Services months of inventory to record lows of fewer than 2.5 months.” peaked in July as the economic consequences of the ongoing pan- Diverging trends between the upper and lower price ranges demic continued to develop.” have led to large increases in the median sale price for existing

Existing-home sales fell 14.6 percent from July but remained homes, which increased by more than 10 percent year over year 3.4 percent higher than in August 2019. for the second consecutive month, according to Center research.

“Low mortgage rates supported the year-over-year increase, “The initial economic shock from COVID-19 was concentratbut the effect of that stimulus may dwindle if persistent unem- ed in the service sector and other industries that rely on a younger ployment shrinks the number of qualified homebuyers,” Gaines workforce,” according to Torres. “These households are more said. likely in the market for lower-priced homes, and we’ve seen that

According to the National Association of Realtors, existing- market suffer disproportionately. The relative strength in upper home sales at the national level increased for the third consecutive price ranges is inflating the median sale price. The Center’s Texas month on a seasonally adjusted basis and maintained double-digit Repeat Sales Index, however, accounts for this bias and revealed year-over-year growth. They attribute the gains to robust demand more moderate growth at 5 percent.” BBM but note rising supply-side constraints. Info courtesy of Real Estate Center at Texas A&M University

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GBCC BOERNE AFTER 5 MIXER - HOSTED BY THE LODGE AT LEON SPRINGS & SENIOR BUDDIES 5:00p m to 7:00pm 24137 Boerne Stage Rd. – San Antonio OCTOBER 19 Z'S ARTISANS MARKET 6:00pm to 10:00pm Z's Wood Fired Pizza 118 Old San Antonio Rd. – Boerne Every 4th Friday night for their monthly artisans market! There will be live music and local vendors who handcraft their products! OCTOBER 24 BOERNE BOO: DRIVE-THROUGH! 4:00pm to 7:00pm Patrick Heath Public Library 451 North Main Street #100 – Boerne Drive past a variety of stations representing community businesses and organizations, and get a treat at each one! BOERNE SUNRISE ROTARY PATRIOT BBQ 3:00pm to 6:00 pm Tusculum Brewing Company 236 S. Main – Boerne See Page 20 for All the Info! Tickets available at boernepatriotbbq.com OCTOBER 27 CITY COUNCIL MEETING 6:oopm to 8:00pm | Livestream Meeting See ci.boerne.tx us for link to meeting. OCTOBER 29 GBCC RIBBON CUTTING FOR TRIO MARKETING ON FACEBOOK LIVE 11:30am to 12:00pm LIVE from the Boerne Chamber Facebook Page OCTOBER 31 HALLOWEEN

TRICK OR TREAT AT DOG AND PONY GRILL 5:00pm to 7:00pm | Dog and Pony Grill 1481 S. Main St. – Boerne A family friendly, safe trick or treating event! They’ll have socially distant sections set up in their parking lot for local Boerne businesses to hand out candy and toys. Free and open to everyone. THE ROUNDUP HALLOWEEN BASH Doors open at 6:00pm; Mario Flores & The SodaCreek Band 8:30 to 11:30pm The Roundup Music Venue 531 FM 3351 North – Boerne Limited seating and tables for sale for this event. Best Halloween Costume Contest for kids and adults! General Admission: $10 Table for 6: $75 BBM

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