Texas’ recovery has been highly touted and rightfully so. It started notably earlier and notably stronger than any other state, not to mention the nation as a whole. Job growth over the last three years has translated into robust home demand across the state (new, resale, and rental). The strong growth in demand has outpaced the ability to replace new lots, resulting in declining inventory levels. When supply is tight and demand is up, prices strengthen accordingly. Each of the major Texas markets has experienced home price increases, both new and resale, an encouraging trend for the market overall. Fort Worth, with the lowest median new home price in the state, leads the way in affordability despite a relatively low median income. Interestingly, Dallas is second in affordability thanks in part to the strongest household income in Texas. Austin stands alone as having the greatest divide between median income and median home price. [Read this article]
The post Housing ‘Affordability’ In Texas appeared first on The Open Door by Lennar.