An acre of rural Texas land rose 8% in 2008, according to the Texas Real Estate Center (REC), Texas A & M University. That gain, based on more than 6,000 sales transactions reported to the REC, halts the succession of double-digit increases recorded by the state since 2003. The REC said the average value of an acre of rural Texas land reached $2,366 by the end of 2008. While still showing an increase in the value of rural land, the number of real estate transactions fell by 20% in 2008. The REC reported the number of transactions totaled 6,083 in 2008 versus 7,588 in 2007, 8,215 in 2006, 8,368 in 2005, 8,073 in 2004, 7,283 in 2003 and 5,882 in 2003.
I cover more details of the REC's report in the April 14 issue of LandOwner newsletter. If interested in seeing a copy, just drop me an email at [email protected] or call me at 800-772-0023.
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