Texas Market has Massive Influx of New Residents
The Texas housing market is reacting to the massive influx of new residents spurred to move to the Lone Star state in search of high-paying energy and professional service jobs, as well as low cost of living. As more residents move to Texas from other states with higher median home prices, the housing markets in Dallas, Houston and Austin have been bolstered by rising home prices of double-digit year-over-year growth, according to technology-based real estate brokerage firm Redfin's latest report. About 2.5 million people relocated to Texas between 2008 and 2012 in search of jobs from more costly regions of the nation, the report stated. In Dallas, the median list price was $192,500 in October, compared with $389,450 on Long Island and $495,000 in Los Angeles, according to the data.
- Dallas Business Journal, November 28, 2013
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