REX, the Austin-based company leading the digital real estate economy, is revolutionizing how Americans buy, sell, and manage a home through AI technology and a full-service online platform that handles the entire transaction from listing to move-in day.
FREMONT, CA: REX, the Texas-based company leading the digital real estate economy, released a new report detailing the state's housing market trends during the COVID-19 pandemic.
Public data compiled and analyzed by REX's data team, led by Chief Data Scientist Andy Terrel, tells the story of a flurry of activity in the market as consumers reacted to pent-up demand over a weak spring, long-term low inventory, and low-interest rates.
"Inventory volume in Texas has been down for two years now," said Terrel. "An influx of out-of-state workers taking advantage of lower prices and rock bottom interest rates has kept volume in Texas low," said Terrel. "COVID-19 slowed the market dramatically but new listings have recovered at a rapid pace over the course of the summer."
New jobs and continual reports of mid-sized companies to large corporations relocating to Texas have positively impacted the housing market throughout 2020. Terrel also predicted any new Federal stimulus package would increase the constant demand between now and the end of the package's benefits.
Before the pandemic, 2019 homeownership in Texas sat at 62 percent, but the volume of homes on the market was down in most metropolitan areas across the state.
Indicators of a summer surge included:
- In August, home sales were compared to YOY figures from August 2019: 22 percent in Austin, 11 percent in Dallas-Ft. Worth-Arlington, 6 percent in Houston, and 7 percent in San Antonio.
- The volume of active listings was down in August 22 percent YOY from Q2 2019; 32 percent in Austin, 28 percent in Dallas-Ft. Worth-Arlington, 23 percent in Houston, and 22 percent in San Antonio.
- The home value was on the rise throughout the summer, hitting an average of $252,000 in Q2 2020, up 2.9 percent YOY. Among MSAs of interest:
- Austin: $353K in July 2020, up 10 percent YOY
- Dallas-Ft. Worth-Arlington: For SFH, $292K in August 2020, up 9 percent YOY
- Houston: $270K in July 2020, up 8 percent YOY
- San Antonio: $260K in August 2020, up 9 percent YOY
REX's growth across Texas serves as an example:
- Homeowners in Texas are increasingly turning to REX to market and sell their homes. Statewide leads are up 52 percent in July compared to April. Leads are up 56 percent in Austin and 47 percent in San Antonio over the same period.
- Interested buyers are taking advantage of REX's online platform and industry-first virtual showings tool. Since April 2020, requests to tour REX's listings in Texas have jumped 120 percent. Tours doubled in Austin and spiked a full 140 percent in San Antonio.
- REX is continuing to convert offers to escrows rapidly after posting record company figures in July. In Texas, escrows are up 180 percent from February and 75 percent since April. Escrows in metropolitan areas were even higher, 120 percent in Austin since February and 200 percent in San Antonio over the same period.