Waco: July record-high home sales spur economy

​​​WACO – With homes selling at a record pace and consumers digging
deeply into their pockets, the Greater Waco economy continued to flex
its muscles in July, extending the local expansion to 31.5 years,
economist Karr Ingham reported.

“Index growth in July was powered
by record home sales along with increases in general spending, auto
spending, hotel/motel tax receipts and unemployment rate decline” Ingham
said.

A total of 285 homes changed hands last month, which is a
new record not only for July but for any month, breaking the previous
high mark of 280 closed sales in June 2006. That number is about 18
percent more than the 242 sold in June.

Waco issued 18 permits in
July for construction of new homes, down from 25 a year earlier.
However, year-to-date through July, a total of 242 permits have been
issued, which is 17.5 percent more than the 206 during the first seven
months of 2014.

Retail sales hit $184 million in July, up 5.7
percent from the $174 million during July 2014. Automobile spending
remains in the fast lane, hitting $52 million in July compared to $47
million in July of 2014, an increase of 9.4 percent.​