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Home Prices Inching Upward

Texas Business reports: COLLEGE STATION--Both sellers and buyers can find good news in the most recent outlook for the Texas housing market.

For sellers, the good news is that 2011 Texas home prices increased for the second consecutive year and are likely to do so again this year. For buyers, the good news is that prices went up only modestly, and the 2012 home appreciation rate is expected to be less than the historical norm.

“Texas home prices remain attractive relative to the national median,” said Dr. James Gaines, research economist with the Real Estate Center at Texas A&M University. “But the gap between the two has narrowed significantly as the national median price has fallen.”

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The median price for a Texas home dropped less than 1 percent in both 2008 and 2009, increased 1.2 percent in 2010 and then by 0.7 percent in 2011. The 2011 median state price of $148,700 was a record high.

“In 2012, the statewide median price is expected to increase 1 to 2 percent to between $150,000 and $152,000,” said Gaines. “That’s less than half the historical average rate of appreciation.”

 

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The change in the median price in individual Texas metropolitan markets was mixed in 2011. Nineteen areas had median price declines, three were flat and 25 reported higher median prices.

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