Texas Home Sales Outlook 2014

homeRecently Dr. Mark Dotzour, Chief Economist at the Texas A&M Real Estate Center spoke at the fall meeting of the Texas Association of Realtors and provided his outlook on the housing market for 2014.

He cited three primary reasons and supporting data for why he thinks 2014 will be a boom year for homebuilding in Texas.

1.  Job growth.  Texas has continued to outperform the rest of the nation when it comes to job growth and that is forecasted to continue through 2014.

2.  Inexpensive mortgage money.    Even if mortgage rates were to rise to 7%, houses would be just as affordable today as they were in 2007.

3.  Home price appreciation.  The Texas market continues to be short of home inventory.  The state has about 4 months of inventory, with Austin’s as low as 3 months.  6.5 months is seen as balanced inventory.  The result will be continued price appreciation.

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