The Texas Quarterly Housing Report published by the Texas Association of Realtors (TAR) reveals strong gains in the second quarter as 91,418 homes were sold in Texas, a 4.4 percent increase over last year and the highest number of home sales ever.
TAR Chairman Leslie Rouda Smith said, “Texas homes of all types and price classes are in high demand. This is especially true for homes priced under $200,000, which are often preferred by first-time homebuyers but also in shortest supply across the state.”
MHProNews has learned from housingwire that 45 percent of the homes sold were under $200,000 while 47 percent of the homes sold between $200,000 and $500,000. Strong population growth and tight inventory sent prices up 7.5 percent annually to $215,000.
Housing inventory remained at 3.7 months, the same as Q1, indicating a seller’s market—a balanced market would require between six and 6.5 months, according to the Real Estate Center at Texas A&M University, but a mark that will take some time to reach, says Jim Gaines, chief economist at the center. He added, “While some local markets are still being impacted by declines in the energy sector and housing affordability challenges, overall the Texas housing market continues to perform very well.”
Active listings rose 4.1 percent over last year. On average homes are on the market 54 days, one day less than last year. ##
Article submitted by Matthew J Silver to Daily Business News-MHProNews.