Bulletproof: despite oil crash, Texas home sales surge 1QBulletproof: despite oil crash, Texas home sales surge 1Qhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=10762015-05-08T14:50:00Z2015-05-08T09:00:00Z

TEXAS - The Texas residential markets remained immune to the drastic fall in oil prices, as the Lone Star State posted exceptionally strong home sales in first quarter 2015, according to the Texas Association of Realtors.

With oil falling from $107 a barrel last summer to less than $60 a barrel currently, many have been predicting awesome woes for Texas housing markets.

Indeed, the rig count is down substantially and thousands of layoffs have been announced.

But the Houston Association of Realtors recently reported 1Q 2015 sales were ahead of 2014 sales — and that is significant since last year was the strongest year ever for home sales in Houston.

Houston’s bright story is true around the state — 1Q was hot for Texas housing markets and inventory of homes for sale fell to an all-time low.

“The impact of falling oil prices has not yet hit Texas real estate, especially in its metro areas,” says economist Dr. Jim Gaines of the Real Estate Center at Texas A&M. But he added that softening could happen in Texas realty in the last part of 2015.

The TAR reported 57,818 homes were sold in Texas in 1Q 2015, a 4 percent increase from 1Q 2014. Prices were strong. The Texas 1Q median was $186,500, up about 8 percent over last year.

“The first quarter of the year is typically a slow period for homebuying and selling, so we were thrilled to see strong home sales gains statewide in the first part of 2015,” says Scott Kesner, chairman of the Texas Realtors.

Realty News Report
Austin-Round Rock
http://realtynewsreport.com/2015/05/05/bulletproof-despite-oil-crash-texas-home-sales-surge-in-first-quarter-inventory-at-all-time-low/Read more at {Source}

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