Following pullbacks in May and June 2019, housing sales in Texas increased 17 percent in July, with all major price ranges experiencing double-digit growth, according to the Monthly Housing Report by the Real Estate Center at Texas A&M University. Median price in Texas also hit a record high of $240,500, an increase of 3.8 percent.
Austin has experienced 3.7 percent growth in home sales so far this year compared to the same timeframe last year. Comparatively, San Antonio experienced 3.1 percent growth, while Houston experienced 1.2 percent growth, and Dallas and Fort Worth experienced 1.0 and 0.7 percent growth, respectively. The average days on the market for the state was 60, with Austin in line at 59 days.
The Federal Home Loan Mortgage Corporation’s 30-year fixed-rate was below 3.8 percent, which helped to increase mortgage applications 18.1 percent year to date. According to the report, refinances have doubled since the end of 2018.
As far as new home construction, a factor called the Residential Construction Leading Index reached its highest level since the Great Recession, thanks to increases in building permits and falling interest rates. Single-family construction permits increased 16.5 percent in July. Austin was fifth in the nation for permits, with 1,525 permits issued. Texas has been the leader in new home permits for 13 years.
Housing inventory for Texas reached its lowest level of the year in July, with a 3.7-month supply. Homes under 300k had a 2.8-month supply, while homes over 500k had a supply of nine months. Austin’s inventory reached a three-year low, with only a 2.4-month supply.
Austin hit an all-time high in median price, topping out at $315,500, while Dallas had a median price of $292,900, Fort Worth with $241,800, Houston with $240,900, and San Antonio with $232,500.