When the real estate market was in free fall and home prices had been rising for decades, many people thought the realty market was out of control.
But now, with the median home price of $525,000, it is a much different story.
The latest home price survey from the Real Estate Board of Greater Austin found a lot of the pent-up demand for housing is going to be concentrated in the cities and rural areas of Texas.
There is also a lot more interest in selling, with buyers from all walks of life looking to buy their first home.
The Real Estate Council of Texas estimates that there will be an average of 15,000 new homes built each month in Texas, with prices up 3 per cent from a year ago.
But in the Austin metro area, the median price for a home was $575,000 in February.
The average price of a home in the Houston metro area was $526,000.
The median price of homes in Dallas was $529,000 while the median value in the city of Fort Worth was $531,000.
“In the Dallas-Fort Worth metro area we have a very significant number of properties that are over $1 million and that’s a huge number,” said Julie Smith, president of the Real Property Council of Greater Texas.
“That’s the type of market that is driving the demand for new homes.
It’s very exciting to see that there is such demand in that market.”
What’s driving demand in Texas?
The median home value in Texas in February was $525.08 million, according to the Real Estimate Research Group.
That is up 3.8 per cent compared to a year earlier.
But the median house price has dropped from $565,000 a year prior.
That drop in value is attributed to the fact that the number of sales of houses has been trending down for some time.
“We’ve been seeing more of a trend in sales of homes that are $525 or $600,000,” said Smith.
“So in that scenario we’re seeing a trend that is consistent with the fact we’re selling more houses.”
However, there are still some properties that have been rising in value.
“There is a strong appreciation in the median priced home,” Smith said.
“The trend in price has been higher over the last couple of years and it’s a trend we haven’t seen for a long time.”
What is Texas’ housing market?
It is a market dominated by two main factors.
The first is the national trend towards home ownership and second is the ongoing recovery of the construction sector.
Homeownership is currently the fastest growing industry in the country, with an average monthly growth rate of 7 per cent.
The national average for home ownership is $51,935 and Texas is second only to Florida in terms of average monthly home prices.
There are also significant differences in income levels across the country.
For example, the national average household income is $57,874 and Texas’ average household household income for the first time is $65,988.
“I think Texas is going through an economic recovery and we’re going to see a significant increase in home sales,” Smith added.
“When you’re looking at the average price, it’s up 3 to 5 per cent.”
What are the major issues facing Texas?
According to the Austin-based Real Estate Research Group, the state’s unemployment rate is at 7.3 per cent, which is down from 8.1 per cent in December 2015.
The number of people out of work has also dropped to its lowest level since 2007.
The Austin metro region’s unemployment was 9.6 per cent last month and the median income is at $60,842.
The population in the area is expected to reach more than 10 million in 2021, which would be up by about 25 per cent since 2000.
What is the median family income in Texas and why is it so low?
The average family income for Texas was $59,869 in February, up 4.5 per cent on the same month last year.
The increase is due to the recovery in construction and the housing market.
The growth of home construction in the state was largely due to a combination of the national recovery in the construction industry, which saw the number rise to 6,837 jobs, according the RealEstimate Research group.
However, the Austin metropolitan area’s population has been growing by only 1 per cent per year since 2014.
The area is projected to be home to the nation’s 10th-largest metropolitan area by 2020, which could increase the size of the metro area by 50 per cent by then.
What are some of the most common issues facing Texans?
A high number of foreclosures.
“A lot of foreclosed properties have been in foreclosure for several years,” Smith told ABC News.
“This is a significant issue that’s impacting many people in our community.”
Foreclosures are happening at an alarming