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Texas Housing Update
Texas housing sales fell 2.5 percent in third quarter 2018 despite a record-breaking July. The shortage of homes priced below $300,000 and rising interest rates continued to weigh on overall activity.
Homes continued to fly off the market at an average of under 60 days, and mortgage applications for purchases held steady, corroborating the strength of demand. On the supply side, inventories inched forward as developers rushed to satisfy the market. The number of newly developed vacant lots for homes in the $200,000-$300,000 price range increased in all the major metros, pushing single-family permits upward.
These gains should stimulate housing starts, which stepped back during the third quarter. The supply expansion calmed home-price appreciation after an extended hot streak. Despite a recent bump in real wages, rising interest rates hindered affordability across the state, particularly at the lower end of the market. Read the complete Texas Housing Insight report at https://tinyurl.com/y899kes3 .