Corpus Christi home prices surge with shaleCorpus Christi home prices surge with shalehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=49722014-02-11T10:03:00Z2014-02-11T09:00:00Z

CORPUS CHRISTI - Rising demand for newly built homes in the Coastal Bend is fueling a surge in home prices, according to the “Annual Review of the South Texas Economy.”

Texas A&M University-Corpus Christi's College of Business released the report.

The median home price for the City of Corpus Christi appreciated more than 7 percent in 2013. This trend was due largely to the oil boom in the Eagle Ford Shale formation, according to a report by Dr. Jim Lee, university chief economist .

Growth is expected to continue, largely because as many as 10,000 jobs will be created in the area during the next five years.

The average home price in Corpus Christi stood at $180,700 last year, up from $152,300 in 2010, an 18.6 percent increase for that period. Historic low interest rates are keeping financing costs affordable and making homeownership attractive.

Corpus Christi Year-Over-Year Housing Statistics
Year No. of
Avg. Home
Median Home
2013 4,589 $180,700 $152,200
2012 4,058 $169,900 $142,300
2011 3,396 $157,500 $135,700
2010 3,445 $152,300 $136,500
2009 3,444 $155,500 $134,800
2008 3,773 $162,900 $138,900
2007 4,510 $162,000 $136,500

Read more at the Corpus Christi Caller-Times.

Corpus Christi Caller-Times
Corpus Christi
http://www.caller.com/news/2014/jan/28/report-eagle-ford-shale-prompts-surge-in-coastal/#.uugybltnbcsRead more at {Source}

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