The record for the most homes sold and the highest median sales price in Texas stood for only one year.
According to HousingWire, through a report from the Texas Association of Realtors, home prices in the state grew to a record $210,000 last year, a 7.7 percent increase from 2015. Total sales in Texas expanded to 324,924 in 2016, which was 4.6 percent higher than the year before.
The Texas Association of Realtors believes that home sales activity was the result of multiple years of strong job and population growth across the state.
But as the report notes, the forecast for Texas housing in 2017 is not quite as rosy as the previous years, thanks to decreasing inventory, as well as those rising prices, and the state’s rapidly rising property taxes, which are significantly impacting affordability in the state. “Rising home prices and skyrocketing property taxes are driving up the cost of homeownership at an alarming rate,” said Vicki Fullerton, chairman of the Texas Association of Realtors.