Ingham reported that Waco’s tourism industry is thriving, “doing much more at this point than simply recovering what was lost during COVID last year.” Ingham said hotel spending has increased in each of the past four months by triple-digit percentages, setting new records for lodging activity.
Spending to date of $38.5 million is 91% more than last year.
Ingham reported that 328 existing homes changed hands in July, citing numbers provided by the Waco Multiple Listing Service. That is down from 385 in July last year, but those numbers should not be interpreted as falling demand, Camille Johnson Realtors agent Anna Johnson said.
“The biggest problem is no inventory,” Johnson said during the Zoom discussion of July’s GWEI results.
Ingham uses historical data to prepare the index for the First National Bank of Central Texas and Tribune-Herald. Collins presents the findings during a monthly meeting.
Johnson said 339 homes were listed on July’s MLS, 40% fewer than in July last year. Average days on the market was 33, which means homes are quickly snapped up when they do become available, Johnson said.
High demand and low supply pushed the average cost of homes sold last month to $318,030, which is 31% more than last July’s $242,560 norm. Year to date, home sales have totaled $551 million, nearly $100 million more than during the first seven months last year, or a 22% increase.
Credit: Source link
