Sales of rural properties are falling while prices are rising, according to a report by...
Rural land sales are slowing, according to a report by the Texas Real Estate Research Center at Texas A&M University.
“Clearly, activity appears to be slowing,” Gilliland said. “Demand for land, as reported by rural brokers, remains strong but has noticeably cooled from last year’s frenzied contest.”The year-over-year decline in sales follows a particularly busy second quarter 2021, when transactions surged 71.4 percent compared with 2020, the authors of the report noted.
In a region that includes Austin, Waco and the Hill Country, sales declined 29.1 percent while prices rose nearly 40 percent. “In general, a pall of uncertainty smothers markets for all assets in the second quarter. However, such conditions often favor land investments,” they wrote.The same factors are causing the single-family housing market to slow too.
The number of homes sold in Bexar and surrounding counties in September fell 13 percent from the same month last year, the sixth straight month of declines, according to the San Antonio Board of Realtors.
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