Gaines: Texas housing on track for second-best year ever

TEXAS – Economists with the Real Estate Center at Texas A&M University are forecasting that 2014 will end as the second-best year ever for the Texas housing market.

“Last year was the second-best year ever in the state of Texas for home sales volume,” said research economist Dr. Jim Gaines.

“It was second only to 2006, which was at the height of the housing boom and all the easy financing. And 2013 wasn’t that far off from that. This is going to become the new second-best year ever. We are having a really terrific year.”

At the end of September, 217,690 homes had been sold in Texas, a 1 percent gain from the same period in 2013, according to Gaines’ report from the Center.

“We’re getting exactly what we thought we were going to get, and that’s a slowdown in the rate of increase,” Gaines said.

“Last year sales went up about 16 percent. It was a big, big jump. This year it’s a little jump. Home prices are doing a very similar kind of thing. There’s been a step-up in prices the last five years, and we’re still seeing that step up. But the rise of the step isn’t quite as high,” said Gaines.