For the past decade, Texas has been one of the fastest-growing real estate markets in the country. Dallas, Houston, Austin, and other rapidly-growing population centers in the state have made it a haven for real estate investors who want to profit. After the housing crash, though, prospects dimmed somewhat and Texas real estate took a hit.
Now, though, Texas real estate may be on the way up. The latest statistics show that real estate prospects in Texas may be on the way up. The Texas Association of Realtors released its Texas Quarterly Housing Report that revealed housing values are remaining steady – a good sign when other states are experiencing continual declines.
For the first three months of this year, the median price of homes in the state increased by 1.3% over the first three months of 2010. This number even came after a 7.3% drop in existing home sales volume from 2010 – a worrying sign but one that is overshadowed by rising home values.
Inventory is also going down. Existing home inventory was at 7.5 months, down from a high of 8 months in late 2010. Plus, in Austin, foreclosure rates fell by 6%. Austin is a pretty good summation of the entire state as a whole in terms of real estate trends, so it is likely that other areas will follow its lead.
All in all, real estate investors in Texas can view these numbers as promising. As values stay put or even increase, more people will get into the real estate investing business and take advantage of low mortgage rates, high inventory, and cheap homes on the foreclosure market. Even in Texas, the foreclosure market remains strong – and is even stronger in other hard-hit states like California and Florida.
