Corpus Christi home, rent prices continue climb

CORPUS CHRISTI – A fertile job market and shortages of both building materials and workers have pushed home prices in Corpus Christi to record levels. The average home in Corpus Christi was $190,600 in February — up 14 percent over that of February 2013, when the average home cost $166,600.

The median price two months ago was $168,600, a 20 percent increase from the same time a year earlier. Home appreciation, new home construction and thriving real estate sales are perhaps the strongest evidence that the nation’s economy is recovering from the last housing boom.

Some may choose to rent, which is becoming a costly option in Corpus Christi. Apartment occupancy rates was 92.6 percent in March, making it one of the tightest rental markets in Texas, according to ALN Apartment Data. Average rent in the area is about $857 a month.

Economists are unsure how long the trend will continue, but they say prices will continue climbing as demand in the housing market surges.

The difference in South Texas, however, is the Eagle Ford Shale oil and gas production activity and all the industrial construction it’s generating, said Jim Lee, the chief economist for Texas A&M University-Corpus Christi..

Read more at the Corpus Christi Caller-Times.