Texas homebuyers decided it was time to make their move, after holding off before the U.S. presidential election. November home sales rose more than 20 percent for the month.
According to preliminary research at Texas A&M University, two major markets led the way. Dallas’ home sales rose more than 20 percent and Houston sales were up roughly 23 percent.
Interest rates continue to be a major factor in increased activity. Jim Gaines, chief economist at The Real Estate Center, told the Dallas Business Journal, “There are theories that interest rates going up has been pushing forward closings with the anticipation that no matter what the interest rate is today, it will be higher tomorrow.” He added, “We are just not sure if these are stolen sales from December and January and other months moving forward. Rates are expected to move even higher in the course of 2017.”
November’s increase in home sales could cause this year’s numbers to look better than originally expected, especially if home sales continue to skyrocket in December.
2016 home sales in Texas — which were on track to be up 3 percent to 4 percent year-over-year — could end up increasing 5 percent to 6 percent by year-end.
With rates and prices on the rise, maybe it is your time to buy? Check out Gehan Homes for your new home!