Posted on Wednesday, October 16th, 2013 at 9:53 pm
Texas is now experiencing a boom in the real estate market as residential sales across the state soared and surpassed its peak, a 15 percent rise in median home prices in August this year.
Homebuilders worked double time to complete houses quickly to meet the surge in buyer demands. A state law that limits home-equity borrowing spared Texas’ homeowners from lending excesses. Together with lower inflation values placed on land properties and easy zoning requirements, home prices dropped 2.5 percent, according to the Federal Housing Finance Agency.
Other factors that have contributed to the housing market increase are job growth, more state investments, growth in oil production, and a shift to a seller’s market. One agent noted that the affordable housing situation has been ‘absolutely crazy.’