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Local homes still in high demand despite dip in sales across Texas

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Posted at 6:26 AM, Nov 09, 2021
and last updated 2021-11-09 07:26:26-05

KILLEEN, Texas — Houses in Central Texas are selling at top speed, but during this third quarter, some Bell County real estate watchers are seeing something different compared to this time last year.

“We’re seeing a tiny slowdown as we get into the holidays. Especially, this year, we have a shortage of supplies,” said Killeen Mayor and local Realtor Jose Segarra.

Texas Realtors say homes sold across the state are down 3.5% compared to this time last year. Even still, the latest data shows, overall, a very strong local market.

“Houses have been selling for more than asking price in general. The 20% up over last year that’s significant, that’s not the norm,” said Fort Hood Area Association of Realtors Association Executive Michael DeHart.

That’s even with a low inventory. Texas Realtors say inventory across the state dropped from 2.3 months compared to the third quarter last year.

“Last year was a record year. So because of it being a record year, a small fall off of the third-quarter for demand for houses doesn’t really mean there’s a shrinkage in demand,” said Texas A&M University-Central Texas Interim Department Chair of Finance Accounting and Economics Robert Tennant.

Segarra said people are still making offers up to $60,000 over asking, mainly because housing is still far cheaper here compared to Austin and other metro areas.

“The most I’ve seen in our office here in our office is about $30-40,000 above asking,” said Segarra.

While some believe this is the peak, Segarra believes this could continue another year. Especially since there’s still a shortage of lumber and other building materials.

Here are some of the latest market reports provided by the FHHAR: