Not since the end of 2006 has real estate in Texas seen such steady growth. The Houston Association of REALTORS® reported an all-time record for sales during the first quarter of 2013. We’ve seen a 14.5-percent increase in the median price of a single-family home, and a 14-percent increase in the average sales price to $254,000. According to the Houston Chronicle, “Houston-area home sales hit a record last month as more properties sold during May than any month in history.”
Local and national builders are reporting strong sales and increased activity in all major markets across Texas. Multifamily projects lead the growing list of commercial efforts, and we’re seeing renewed investment by financial institutions in Class A Buildings, with land development again on the rise.
As Jim Goode of Houston’s Goode Company BBQ says, “You might give some serious thought to thanking your lucky stars you’re in Texas.”
Here is a quick snapshot of Texas home sales and median prices as a frame of reference.