The local housing market continues to gain steam as Temple-Killeen home sales and prices increased last quarter over the third quarter of 2017. According to the Texas Association of Realtors, local home sales increased 6.1 percent while the median price increased 3.2 percent to $163,000. Sales are up, prices are up and days on the market have decreased. We’re getting a lot of people moving in from other areas of Texas and a lot from out of state are moving this way.
“The record-breaking home sales activity this summer in Texas is an example of the strong economy, job growth and quality of life in our great state that keeps driving the demand for home ownership,” Texas Association of Realtors Chairman Kaki Lybbert said in a news release. “At the current rate that home sales and active listings are increasing, we are trending toward another record-breaking year in Texas real estate.”
Though the state continues to see growth, Jim Gaines, chief economist with the Real Estate Center at Texas A&M University said a plateau may be in the near future. Builders are doing their best to keep up with demand. Temple City Manager Brynn Myers said the city could be on its way to a second-straight record year for development. “We had 660 new home starts last year, and that was the highest in the history of our community,” Myers said in August. “We’re on track for at least that many this year, and we may see a little more.”