75AG said:
Lots of reasons housing prices in Texas are exploding. Californians moving here might play a small role.
I agree. I suspect that the California migration affect is minimal at this point in time. Home prices are way up across the country including NYC. I doubt that many are moving from CA to NYC.
Prices are up due to people having more money, many more retirees with money, although going up, interest rates are historically low, labor and transportation costs of materials and the lack of materials. Waiting months for materials and appliances to finish out a home will drive the prices up.
In fact homes are going up in developed countries worldwide. In the town where my dad grew up in Australia, everyone on their Facebook forum are commenting on the great rise in home prices and the lack of building materials.
"GYMPIE INFORMATION, ADVICE AND DISCUSSIONS
People who have built houses in the last year. I need your help. What rough price are people paying nowadays for a new build. I know building expenses have gone up a lotttttt but I don't think they have doubled and more.
I have a friend who built a 4 brm home 5 years ago roughly $170,000 (slab home)and that covered pretty much everything including tanks and sewerage. But I've just been quoted $380,000 for a small 3 brm home with deck. Yes it's a suspended flooring which is more, but has it really gone up that much?? Wanting to hear from people that have built recently to know the rough ball park. Feeling deflated.
- Yes about $1600 a sq. Built 5 years ago and building again now. Prices have risen lots. Demand is high materials supply is short."