Texas Real Estate Bubble Tops $1B in First Quarter of 2018
HARDBALL, Texas — Real estate market conditions in Texas are now so strong that the first quarter of 2018 will likely see the hottest prices in a decade, according to an article in the Houston Chronicle.
The article said that the average price of a home in Houston is expected to climb to $1,100,000 by the end of the first half of 2018, and the average asking price of homes in the city will hit $1 million in 2020.
The price increase is expected due to a large increase in demand for the Houston metro area.
The Houston market is also expected to be a hotbed for new homes, with home prices reaching a record high in March.
Real estate experts and economists have said that this will result in a $1.2 trillion market, but a number of factors are pushing up the prices in the first three months of 2018.
“Houston is the new hotbed of the Texas market,” said Jason Trowbridge, chief economist at the real estate firm Cushman & Murray.
“There’s a strong demand for homes in that city, and there’s been so much supply.
People want to buy.
The supply is really high.
So the demand is so high that it’s creating demand.””
The supply is so much higher than what’s been going on in other cities,” said Trowbridg.
Houston has a booming middle class.
There’s also a big demand for high-end homes, and as the population increases, so will the demand for luxury housing, according Trowber.
As the market conditions continue to improve, the price increase will only continue.
“You’ll see that increase in the second quarter of next year, which will be an indication of what’s to come in the future,” Trowbrey said.
According to the Chronicle, the average home price in Houston was $1M in the April 2018 calendar month, a $100,874 increase from March.
The average asking for a home was $847,000 in the month of April.
For the past year, the housing market has been in a “bubble,” and is now in the midst of a rebound.