Tyler realtor explains recent shift in housing prices
TYLER, Texas (KLTV) - According to a National Association of Realtors report, the median price of a U.S. home was lower in February of this year than in February of 2022. That hasn’t happened in a decade. But is the national study the same for East Texas?
According to Dwell Realty owner David Kurtz the real estate market in the Tyler area has seen a drop in pricing, but not a large one.
“We are seeing price reductions, but also keep in mind since 2021 we’ve seen about a twenty to thirty percent, year every year appreciation, just in that short of a time period. What we’re really experiencing right now is maybe a two to three percent correction. You know, hit the peak, little bit of a dip,” Kurtz said.
Kurtz said he doesn’t expect the prices to go into a free fall in the East Texas market.
“Tyler is an insulated economy. A lot of people are moving here from out of state. And so what we’re experiencing is yeah, seller can’t exactly ask 50 thousand dollars more than a home is worth and expect for a buyer to come in and pay that,” Kurtz said.
UT Tyler University Acting Director of the Hibbs Institute Manuel Reyes said if, for example, more houses were repossessed by banks, it could affect prices.
“More houses available. So if we have a recession and we have higher interest rates and less buyers, both are going to pull prices down,” Reyes said.
Kurtz said a year ago said nationally there were twenty percent more sales than now.
“Lower inventory, a little bit of a buyer pullback due to interest rates rising. But if you’re a buyer that’s in the market, this is still a really good time to be looking,” Kurtz said.
Kurtz said real estate, like the economy, can change quickly, but even now with higher interest rates the market in the area is not reflecting the national market.
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