Good News: Home Prices on the Way Up
In another sign that the national recession is easing up — at least here in Texas — the Lufkin News reports retail home prices are trending upward. Local realtors say after several years of a “buyer’s market”, they’re seeing clear signs of a turnaround. It’s a “seller’s market” again.
This is good news for people looking to sell their houses. Lufkin home sales volume increased slightly in the second quarter by just under one percent, but the median price has risen to $125K — an increase of 24.2 from the same quarter of last year.
One local realtor, Michael Bryan of Century 21 Bryan Realty, says more Lufkin homes were sold in the first two quarters of this year compared to the same period last year, and they sold at a higher average price.
The Real Estate Center at Texas A&M University says home sales increased statewide 13 percent from a year ago and the median price increased by 7 percent over the same time period.
While the real estate market is looking up for sellers, buyers, and realtors, that’s not necessarily good news for homeowners who’re not looking to sell. As retail home prices rise, property taxes based on “fair market value” also go up, whether the property is on the market or not.