Corpus Christi next stop for home prices: $200K

CORPUS CHRISTI – The cost of an average home in Corpus Christi will exceed $200,000 before the end of the year, economic and housing industry experts say.

The average single-family home in the city fetched $199,300 in July. “We’ve been seeing appreciation for months, but ($200,000) is a benchmark we’re going to hit soon,” said Dr. Jim Lee, the chief economist at Texas A&M University-Corpus Christi.

The average price for a home in Corpus Christi spiked to a record $202,700 in May, but dropped to $197,000 the next month. Lee said prices could climb as much as 10 percent by the end of the year.

Scores of more residents have descended on Corpus Christi in the past two years, lured by the prospect of energy-related jobs and a cost-of-living cheaper than anything in the metropolitan areas. Economists believe as many as 10,000 jobs will spring from it during the next five to seven years.

A total of 2,728 homes in Corpus Christi were sold between January and July and average home prices are estimated to hit $194,100 this year.

Homes also are staying on the market half the time they did three years ago. Corpus Christi’s home inventory in July was such that a home will remain on the market for 4.8 months, compared with ten months in July 2011.

There are 1,800 to 1,900 houses available in the city, compared with 7,300 homes on the market three years ago. Homes that are considered affordable — because they are listed for a selling price between $125,000 and $160,000 — are scarce in Corpus Christi; there are roughly 200 of them available.

For NAR’s 2Q 2014 Corpus Christi Housing Report, click here.