Texas housing sales boom to second best year ever

TEXAS – Sales this year for existing homes are expected to be the second best ever statewide, according to the Texas A&M Real Estate Center.

Housing sales are soaring across the state of Texas. There were 242,422 existing homes sold across the state from January to October.

Dr. Jim Gaines, research economist with Texas A&M Real Estate Center, says the state’s booming economy is helping housing sales.

Gaines expects interest rates to stay steady for the coming months, but it’s the higher end homes driving up sales volume. Home sales under $200,000 as well as new construction of more affordable homes is down.

Gaines adds that while housing prices are going up, incomes are not keeping up with the pace, so affordability will continue to be a problem for some homebuyers.