Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Navigating capacity concerns amidst record-high volumes

High loan volumes continues to loom large in the new year, making the “one-stop-shop” approach to the servicing and lending process even more appealing.

Amid record-high origination volumes, mortgage fraud risk is down

CoreLogic's recently released Mortgage Fraud Report is the industry standard for nationwide fraud monitoring and analysis. Read the findings here.

How student loan debt impact homeownership

Student loan expert Catalina Kaiyoorawongs shares her practical and tangible advice for people who feel overwhelmed by their student loan debt.

Real Estate

Texas housing market suffers from lack of inventory

Austin sees a 7.7% drop in number of homes sold

Housing inventory in Texas has hit a 3.5 year low. Housing sales also dropped 2.1% year over year in May, while softer demand drove the average days on market to 61.

Texas’ inventory of homes in the $300,000 price range fell to an all-time low of 2.4 months, according to the Real Estate Center at Texas A&M University’s latest Texas Housing Insight report.

Active listings in May fell the most in Central Texas, after increasing for two months, the report said.

Specifically, Austin, Texas’ inventory fell to 1.9 months; San Antonio’s fell to three months; Dallas’ fell to 2.6; Fort Worth’s fell to 2.4; and Houston’s fell to 3.4 months, which is slightly above the state’s average, the report said.

“Unless a buyer is looking for a luxury home, there are fewer to choose from,” according to Dr. Jim Gaines, chief economist for the Real Estate Center at Texas A&M University. “Texas’ months of inventory fell to a historic 3.2 months in May as the state’s supply of active listings plummeted to its lowest level in three-and-a-half years.”

Closings on luxury homes, or homes priced more than $500,000, also fell. However, the supply of unsold homes in the higher price range increased for the first time this year, the report said.

The supply of luxury homes in Texas now sits at 7.6 months.

Housing starts in total fell 30.1%, hitting a six-year low, the report said. Multifamily was particularly weakened.

Home sales declined the most in Austin at 7.7%, while Houston actually saw home sales rise by 1.9%.

“This disparity exemplifies the shortage of affordable housing during a time when the rocky economic atmosphere may make lower-priced homes look more financially feasible to the potential homebuyer,” Gaines said.

Leave a comment

Most Popular Articles

Prepare for the rise in mortgage rates

Economists offer their takes on how high mortgage rates will climb, how lenders will respond and what impact this will have on the housing market. HW+ Premium Content

Jan 18, 2021 By

Latest Articles

2020 ends with 3.4 million loans in delinquency

The final delinquency tally for December is in, with data revealing that by end of 2020, 1.54 million more mortgages were reported delinquent.

Jan 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please