Home Sales and Prices Rise in Texas
September 14, 2018
Texas home sales were on the rise in the second despite a continued problem with available inventory.
The Texas housing market saw 100,227 homes sold in the second quarter, an annualized increase of 2.8 percent, according to the Texas Association of Realtors. The second quarter also saw the median sales price up by 4.4 percent from one year earlier, with 30.2 percent of the properties priced from $200,000 to $299,999 and 29.2 percent priced from $100,000 to $199,999.
Active listings increased year-over-year by a scant 0.3 percent to 110,330 listings in the second quarter. Homes for sale in Texas were on the market for an average of 87 days, one less than a year earlier. And the housing inventory in the Lone Star State was 3.9 months, down by a slight 0.1 months from last year.
“Home sales activity remained strong for the second quarter of 2018,” said Jim Gaines, chief economist with the Real Estate Center at Texas A&M University. “The demand for housing remains at an all-time high, but statewide we’re seeing a slower rate of increase in sales compared to previous quarters due to the lack of inventory of properties for sale.”
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