The New York Times reported earlier this week that “the housing sector in the United States is finally getting healthy,” thanks to millennials and the home builders who are currently churning out more and more starter houses for said millennials.
At least, that’s the findings of the most recent report from the U.S. Census Bureau, which shows more new homes were sold nationwide in July than in nearly a decade.
The report says buyers purchased single-family houses at the annual rate of 654,000, the highest rate since October 2007 and 31 percent higher than the previous year.
“Those numbers are volatile and include a wide margin of error, but combined with other evidence, the United States housing market seems to be solidly on the mend in 2016,” writes NY Times reporter Neil Irwin.
Of course the Texas housing market never hit the epic low that many states across the U.S. experienced in 2008, but we’re still seeing a housing spike this summer. In North Texas, real estate agents sold 10,857 pre-owned, single-family homes, which is 7 percent more than in June of last year, according to The Dallas Morning News.
Also, home prices in North Texas hit an all-time high in June. Dr. James Gaines, a chief economist with the Real Estate Center, told The Dallas Morning News the North Texas housing market is “uncharted in the sense of price levels and sales levels.”
The median price of North Texas houses sold in June was $237,500, which is up 8 percent from June 2015 – a record for the North Texas area.