Homes sales and median home prices across Texas experienced a moderate increase in the first quarter of 2020, according to the 2020 Texas Quarterly Housing Report released Wednesday by Texas REALTORS®. Although this time period includes the beginning stages of the COVID-19 outbreak, the statistical representation of its impact on the Texas housing market will be made more apparent in the second and third quarters of the years.
The housing statistics for the first three months of the year show the continuation of more than a decade of growth in the Texas housing market. However, the rapid growth of the ‘global’ pandemic we are facing is poised to affect this momentum. Before this unprecedented event and the economic downturn and shelter-in-place orders, our biggest market concern was the lack of affordable housing to meet the demand.
during the first quarter of 2020, 75,052 homes were sold in Texas. Statewide, the median price increased by 5.1% to $241,500. The largest percentage of homes sold ACROSS the state was in the $200,000-$299,000 price range.
Because of COVID-19, many sellers have been pulling their listings to wait out the quarantine. This will only add to our housing shortage and strained inventory availability. Sales are anticipated to drastically drop. In the long-term, there will be continued demand within the Texas housing market as long as the job market is able to rebound quickly they are saying.
The good news is we went into the disruption with positive velocity and will be ready to come out the other side with a swift recovery. In the meantime, opportunities are everywhere, and we Texans always outperform expectations
