Texas Q1 Home Sales and Prices Up
May 14, 2018
A shrinking inventory and a decline in active listings did not stop the Texas housing market from enjoying a vibrant first quarter, according to new data from Texas Association of Realtors.
During the first quarter, 70,292 Texas homes were sold, up 2.2 percent from one year earlier. The median price increased 5.7 percent to $224,500 on a year-over-year basis, with 29.1 percent priced at $300,000 or higher, up 1.9 percent from one year earlier. However, sales of homes priced $299,000 and below saw a 1.7 percent slip from the same quarter last year.
The monthly housing inventory in Texas was 3.3 months in the first quarter, down by 0.2 months from one year earlier, while active listings dropped 2.9 percent year-over-year to 93,151 listings in the first quarter. Texas homes spent an average of 66 days on the market, only two days more than one year earlier.
“The momentum from the end of 2017 has moved into 2018, as Texas homes continue to be in high demand,” said Kaki Lybbert, Chairman of the Texas Association of Realtors. “This strong activity we’ve seen in home sales volume during the first quarter of 2018 is setting the stage for a strong summer selling season for Texas real estate.”