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.”