Texas housing market reacts to massive influx of new residents

Dec 2, 2013
Austin Business Journal

Texas housing market prices are reacting to the massive influx of new residents spurred to move to the Lone Star state in search of high-paying energy-related and professional service jobs, as well as low cost of living


As more residents move to Texas from other states that have much higher median home prices, the housing markets in major metro areas including Austin have been bolstered by rising home prices of double-digit year-over-year growth, according to technology-based real estate brokerage firm Redfin's latest report


About 2.5 million people relocated to Texas between 2008 and 2012 in search of jobs from more costly regions of the nation, the report stated


In the Austin market, some 2,145 single family homes were sold in October at a median home price of $217,000, according to the Austin Board of Realtors' monthly sales report. A year earlier, that median price was $199,320


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