Another banner year for housing in Texas. No surprises there if you’ve been trying to land a home under $225,000 in Austin. That particular market price is drawing so much fire with so little inventory it is unprecedented.
Forbes magazine released its top 20 of America’s fastest growing cities and Austin was behind only Houston in growth in 2014, and just ahead of Dallas.
The Texas Association of Realtors reported that 66,664 homes were sold in Texas in the fourth quarter, which is an 8.46% increase from the same quarter of 2013. This was higher than the 0-2% year over year increases throughout the first 3 quarters of 2014.
Fueled by lower rates in the below 4% range, prices continued to climb, although at a slower pace than the 9-10% annual increases over the preceding 2 years. In the 4th quarter the median price in Texas was $185,900, a better than 7% increase from the year before.
Multiplying the difficulty some buyers are having finding the right home, the Texas housing inventory is at an all-time low of 3.3 months!
Needless to say rental homes are continuing to see short inventory and rising rates.