Texas Real Estate Market: When Will My Home Value Return?

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Texas Real Estate Market: When Will Home Values Return?

Home values in Texas are slow to react, but are gradually making some headway. Home prices in the Lone Star state peaked around the fourth quarter of 2008 and have gone downhill since then. Although there is definite evidence that home values are slowly returning, particularly among more affordably priced homes, the statistics don’t lie: home values are not expected to return until the first quarter of 2016, according to the Fiserv Case-Shiller Analysis.

Median Home Prices Continue to Rise

The first quarter of 2010 brought about a four percent increase in single-family home values from the year before, due to a rare March boost in sales. The median home price for a home in Texas during the first quarter of this year was $141,500, up from $137,200 in 2009. If you’re looking to sell your Texas home, this comes as very good news.

The inventory of homes on the Texas market has remained at about 6.8 months, which is surely a good sign if you are selling your home. This near-balanced market has held steady from 2009. Much of the inventory of homes on the market is still coming from foreclosed properties, which means a good deal for many buyers. The foreclosure rates are now maintaining, thereby showing a gradual improvement in the Texas housing market.

Consumer Lending Protection keep Foreclosure Rates at Bay

Compared to other states like Florida and California, Texas never really experienced a huge housing bubble; therefore, foreclosure rates have held steady. In addition, Texas has provided some of the strongest consumer lending protections across the country, thereby avoiding many of the foreclosure catastrophes that other states are now experiencing.

An increased demand in housing, along with government incentives, bode well for the Texas real estate market. Now that the federal homebuyer tax credit has expired, it will now be a question of how well the market can sustain itself.

Another positive point for the Texas real estate market is that the unemployment rate here has been at or below the national average for 41 consecutive months.

Overall, sales of existing homes in Texas increased by 4.4 percent in May 2010 over the previous month, and home sales increased over 18 percent compared to the same time last year. Although home values in Texas are not expected to return to their 2008 peak until 2016, there are many signs that the market has been gradually improving over the last year, and it is expected to continue along the same positive path.


Largest Cities in Texas

  • Houston
  • San Antonio
  • Dallas
  • Austin
  • Fort Worth
  • El Paso

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