REOC San Antonio
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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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Housing boom bigger in Texas

Texas, known for its open spaces and cheap property, is experiencing the types of real estate bidding frenzies seen in tightly built markets from New York to San Francisco as job gains generate a suburban land rush. Existing-home prices in Dallas and Houston are rising faster than at any time since the oil boom of the 1980s. Homebuilders, caught off guard by the ferocity of buyer demand, are exhausting construction-ready lots as they struggle to recruit workers to complete houses quickly.

The boom shows that the U.S. real estate market’s rebound is extending beyond areas such as Arizona, Florida, California and Nevada, where prices are soaring after being hardest-hit by the crash that started in 2006. Texas, which largely avoided the collapse, is benefiting from employment growth and an expanding population, the more traditional forces of housing demand.

Residential sales across the Lone Star State reached a record in the second quarter. At the current pace, it would take about three months to sell the inventory of existing homes on the market in Houston and Dallas, less than the U.S. level of 4.9 months and the lowest since at least 1990, according to data from the Texas A&M University Real Estate Center.

Click to read entire article: Housing Boom Bigger in Texas as Home Bidding Wars Erupt (Bloomberg News, 10-9-13)

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