Housing Affordability: How Big is the Problem in East Texas?
Document Type
Article
Publication Date
Summer 6-25-2024
Abstract
The Hibbs Institute's June 2024 newsletter examines recent trends in the U.S. housing market, with a particular focus on East Texas. Key findings include:
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Mortgage Rates: As of early June 2024, the 30-year and 15-year fixed mortgage rates were 6.99% and 6.29%, respectively. Both rates are expected to remain elevated in the near future due to prevailing economic conditions and policy decisions.
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Home Prices: Over the past decade, East Texas has experienced significant growth in the housing market, with average home prices increasing by approximately 92%. Notably, the price trend has accelerated in the past five years, indicating a more rapid rise in home prices recently.
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Building Permits: Reflecting the region's growth and development trends, the number of building permits issued in East Texas has increased substantially. While the overall number of permits in Texas is proportionally higher, East Texas has been growing at a faster rate since 2018.
These insights highlight the dynamic nature of the East Texas housing market, influenced by rising mortgage rates, increasing home prices, and a surge in building permits.
Persistent Identifier
http://hdl.handle.net/10950/4801