Texas housing market unfazed by pandemic— new report shows increase in homes sales in Brownsville
The Texas Housing market has been unfazed by the pandemic. A record number of homes are still being sold, despite price increases.
A new report from the Texas Real Estate Research Center shows that Brownsville and Harlingen each saw a 22 percent increase in homes sold during the pandemic. That's more than double the increase seen in the McAllen, Edinburg and Mission region.
But how is this possible?
Experts say stay-at-home orders and working from home are playing a major factor.
Brownsville Real Estate Broker Alma Coronado said some people are realizing they may need bigger spaces, because now, their homes are "doing multiple functions."
At the same time, the housing inventory in the area decreased almost 27 percent, turning the area into what's known as a seller's market.
Data shows more than a quarter of permits issued for new housing in 2020 already sold before breaking ground.
With interest rates low and economic development on the rise, out-of-towners are making it harder for people to find homes.
"Somebody walked in from California saying, 'I'm interested in buying with my investors, three to four homes in the next two months. We hear that the market is so hot, and we want to get involved,'" Coronado said.
She said the year 2020 shows the direction of Brownsville going forward.
"It's not going to be the same Brownsville," Coronado said. "We will not see it the same. It's really expanding. A lot of positive things coming out of our community, especially what they're doing with the city."