Some parts of the United States saw a massive increase in housing sales after a sharp downturn during the COVID-19 pandemic. That same demand, however, was not seen in the Wichita Falls area.
A new report from Porch.com, shows Wichita Falls had the fourth lowest homes sales per capita among small metropolitan areas.
Across the country, seasonally adjusted monthly home sales fell to fewer than 400,000 in May 2020. The market picked up steam through the summer and reached upwards of 650,000 by October 2020.
Since that time, monthly sales have evened out, but are still above pre-pandemic levels. This demand for housing is seen despite the fact that housing inventory remains at a record low.
One reason for the spike in demand is favorable economic conditions for middle- and upper-income households. While the pandemic was disastrous for many lower wage-earners, many middle- and high-income earners were able to transition to remote work and retain their jobs. The transition meant many people were saving money in areas like travel, entertainment and food, while enjoying good returns in stock investments. A stable financial situation and low mortgage rates put home-buying within range for a larger number of people.
The housing demand varies greatly among different states and metro areas.
Florida and Nevada saw the highest amount of home sales at 19.7 and 16.9 per 10,000 residents.
The leading states had the winning combination of affordable real estate, economic opportunities and temperate climates that perhaps made them more appealing than some higher-priced markets like California and New York, which are seeing an increasing exodus of residents.
Likewise, on the metro level, areas of the South and West are seeing increased home sales in so-called “second-tiered cities,” such as Austin, which have many of the advantages of city life with a less dense population and more affordable living.
The report looked at home sales per every 10,000 people in 250 metro areas in 46 states.
Per capita home sales in the top metros reached nearly 40 sales per 10,000 residents.
The top spots for homes sales for small metros was:
1. Crestview-Fort Walton Beach-Destin, Florida
2. Punta Gorda, Florida
3. Sebastian-Vero Beach, Florida
The top three spots for homes sales in midsize metros was:
1. Naples-Marco Island, Florida
2. Cape-Coral-Fort Myers, Florida
3. Myrtle Beach-Conway-North Myrtle Beach South Carolina/North Carolina
Home sales in large metro areas was highest in:
1. Jacksonville, Florida
2. Tampa-St. Petersburg-Clearwater, Florida
3. Nashville-Davidson-Murfreesboro-Franklin, Tennessee
Texas overall was 30th in the country for home sales at 9.9 per 10,000 residents. In the state there was an average of 29,182 homes sold each month. The median number of days for a home on the market in Texas was 22. Just over 45 percent of homes in the state sold above asking price. The median home sales price in Texas was $319,732.
For Wichita Falls, there was an average of five home sales a month between January and September 2021 – about 0.3 homes sold per 10,000 residents.
In the city, the median days on the market before a sale was 53. About 30 percent of homes sold for above market value. The median home sold for approximately $178,146.
Wichita Falls was 126th out of the 129 small metros studied. The small metro areas that had fewer per-capita home sales than Wichita Falls were:
Florence, South Carolina
See the full report at https://porch.com/advice/cities-with-the-most-home-sales-per-capita
This article originally appeared on Wichita Falls Times Record News: Wichita Falls has fourth lowest home sales among small metro areas