A recent article from Dallas News reveals that real estate prices and sales are growing in Texas. As the housing recovery continues, homes are gaining value, and homeowners are able to sell faster. The average price of a home is up by 16 percent while home sales are up by 11 percent.
The Wall Street Journal points out that the housing market in Texas is booming, and real estate companies are noticing the growth. Gary Guion owns a private equity firm that is involved in real estate. In a recent interview, he stated the market is recovering quickly in Texas. Guion has completed several deals including a 150,000 square-foot retail acquisition and over 5,000 residential units over the past 4 years. It is not just the real estate market that is benefiting from the housing growth. The construction industry is also seeing an improvement, and Guion mentions his Flatiron Commercial construction company is also expanding.
The housing market recovery seems to vary greatly from state to state, but Texas has been able to survive this recession well. Demand for homes is going up so quickly that supply is diminishing faster than construction can catch up with it. The Wall Street Journal indicates that some houses are selling for more than the asking price. In addition, the oil industry is not the only reason for the housing boom. Technology is also having a large impact on the state, and 10,000 jobs were recently added in this sector. The boom may last for months, but it will eventually stabilize. “Housing economists-who have become concerned about the rate of price growth around the country-expect home value increases to moderate as more properties come on the market,” mentions the Dallas News.