TAYO: Texas Home Sales Rise Despite Statewide Inventory Shortage
HOUSTON--(BUSINESS WIRE)--As Taylor Consulting Inc. (OTCBB:TAYO) continues to build a competitive portfolio of Texas real estate assets, encouraging news came this week from the Texas Association of Realtors quarterly housing report. Due to high demand, home sales in the Lone Star State continue to keep pace with last year’s impressive levels, despite a statewide shortage of homes for sale.
“The statewide housing shortage this year has prevented Texas from repeating the double-digit increases in home sales growth we saw last year”
For the first time since 2011, the Texas housing market saw quarterly gains in housing inventory, according to the report. Home sales continued to increase in the second quarter of 2014, rising 46.67 percent from the first quarter to 81,272 home sales across Texas. The median home price in Texas also increased 5.87 percent to $187,300 from the second quarter of 2013, while the average price rose 5.28 percent to $246,209.
Still, the housing market in all of Texas’ hottest economic regions remains tight.
“The statewide housing shortage this year has prevented Texas from repeating the double-digit increases in home sales growth we saw last year,” said TAYO CEO Scott Wheeler. “However, home sales haven’t slowed down from 2013, illustrating the extremely high demand for housing across the state.”
TAYO is working to capitalize on that demand. In order to better market its growing portfolio of real estate assets in West Texas, the company is targeting modular housing manufacturers in the region for potential partnership or acquisition. Because oil-rich West Texas is being flooded with new workers and residents, TAYO has identified modular housing as a fast, affordable solution to the region’s low housing inventory.
Through Third Avenue Development, the company is committed to investing in promising real estate assets to compete alongside American Homes 4 Rent (NYSE: AMH), Silver Bay Realty Trust Corp. (NYSE: SBY), Equity Residential (NYSE: EQR), Essex Property Trust Inc. (NYSE: ESS) and more.
For more information on Third Avenue Development, please visit www.ThirdAvenueDevelopment.com.
About Third Avenue Development, LLC.
A division of Taylor Consulting, Inc. (TAYO), Third Avenue Development, LLC, is building an emerging portfolio of real estate assets in booming oil and gas regions. The company is focused on acquiring and developing properties in the country's top-performing markets in order to capitalize on rising demand for housing and related infrastructure services.
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