Fast-Growing Texas Real Estate Market Encounters Headwinds in 2021

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Existing-home sales in Texas struck a seven-year high in 2020, but the Texas Realty Study Facility expects growth to decelerate in 2021. The single-family sector encounters headwinds, ranging from depleted supply to the COVID-19 pandemic.

“Homebuilders are attempting to please demand in the reduced rate friends by building homes in the residential areas or external city borders where land expenses are lower,” said research economic expert Dr. Luis Torres. “This trend prevailed before the pandemic but has come to be a lot more extensively adopted over the past year.”

However, the Center anticipates the price per square foot to speed up regarding 8% in 2021. “Some of the appreciation results from worn down stock at the reduced end of the rate spectrum compeling purchasers towards higher-priced residences,” Torres said.

Pertaining to the pandemic, Torres said, “Since this economic downturn was caused by a health and wellness catastrophe, the healing course might be different than that of previous economic crises.”

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