Freddie Mac: Three Texas cities dominate housing recovery
Lone Star state shows remarkable strength
The impact of the housing crisis did not hit Texas at the same epic proportions that it did the rest of the nation, skimming by the downturn with only a few cuts and bruises.
Now five years after the crisis, the latest Freddie Mac Multi-Indicator Market Index posted that of the four metros in a healthy range, three are in the Lone Star state: San Antonio, Austin and Houston.
“It is real obvious Texas did not have the housing bubble, and it did not have the housing bust that so much of the rest of the country did. But what it did get hit with, it recovered from quicker,” Jim Gaines, research economist with the Real Estate Center at Texas A&M University, said.
Looking at all five major Texas markets, Gaines said all are doing well and have record median prices.
Here is a close-up look of those three markets:
Currently, the city’s market is in range and improving, with a MiMi of -1.09 for March, up .10 points over last month. Most of the improvement can be attributed to the city’s increase in employment.
The Austin housing market is stable and in range, posting a MiMi of -1.68. The city is able to remain stable since its MiMi scare has moved less than one tenth of a point over the past three months, showing now sizable shift in the local economy.
Like the other two, Houston’s market is in range and improving and recorded a MiMi of -1.68. Houston ranks third increased one spot fro last month and increasing six spots from one year ago.