Now that 2020 is in our rearview mirror, we can take a look back and review it. I think we can all agree that this time last year, we had no idea what we were in for. We couldn’t have predicted a pandemic that would disrupt everything in our world. In Texas, March was when the impacts of the virus began as the governor issued a disaster declaration on March 13th. It was interesting how, when it first began, many were predicting declines in the housing market. This did not happen. As you can see in our charts and data, our markets seemed to pause from March to June and then in July they all began trending upward. Texas is losing some of its affordability as the home price index continues to climb.
With supplies so low and the increased demand for work at home space, prices have continued to rise in our markets. New construction cannot keep up with the demand and millennials are now ready to purchase homes. Home price trends and demand are projected to continue to climb with this lack of supply and high demand. We do have concerns about the lack of affordability and the disappearance of the “starter home”.
Here are the stats and charts for our markets. Note the data points are 12 months of data rather than one month.
Median Sales Price
$329,900 | +4.7%
Average Price Per Square Foot
$149 | +4.9%
Months of Supply
1.9 | -38.7%
17,720 | +12.0%
Home Price Index
As we look forward, we will continue to watch our markets and provide monthly reports. As we are still in the midst of this pandemic, we continue to wish you safety and health. May we be encouraged by the words of Will Rogers:
We will continue to watch the markets to see what happens in 2021. As always, we are here for your real estate appraisal needs. Please contact us with questions or inquiries at www.dwslaterco.com.