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Victoria housing inventory dropping like a limbo stickVictoria housing inventory dropping like a limbo stickhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=3592015-07-16T14:35:00Z2015-07-16T06:43:00Z

VICTORIA - In May, if every house on the market in Victoria were to be sold with no new homes added, it would take 3.6 months to sell them all, according to the Real Estate Center at Texas A&M University.

"A balanced housing market for both buyers and sellers has about 6.5 months of inventory," said Dr. Mark Dotzour, chief economist and director of research at the Center.

"We need more homes," Dotzour said. "This is our number one economic development challenge in my mind. The low inventory is causing homes prices to spike, which will hurt more than just the consumers in the long run."

Developer Steve Klein said his company built more homes this year than last year in Victoria.

The median home price in Victoria for May was $171,500 compared to $113,700 for the same month five years ago.

"Texas has stayed ahead in housing despite the recession because they have been able to slightly build ahead of demand," Dotzour said.

"The good news about Victoria is it never gets really bad here. The bad news about Victoria is it never really gets good here," Klein said. "Victoria is always very consistent. It doesn't swing up very fast; it doesn't swing down very fast."

Victoria Advocate
Victoria
Housing
https://www.victoriaadvocate.com/news/2015/jul/15/home-inventory-low-in-victoria-statewide/Read more at {Source}

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