Skip to main content

Texas Home Sales Surge In A Booming Housing Market

Katie Jensen
Jul 27, 2021

The Texas housing market achieves a record-breaking 114,772 homes sold in the second quarter of 2021.

KEY TAKEAWAYS
  • A record-breaking 114,772 homes sold in the second quarter of 2021, increasing 24.7% year-over-year.
  • Housing inventory in Texas dropped to 1.4 months in the second quarter of 2021.

The Texas housing market is booming with a record-breaking 114,772 homes sold in the second quarter of 2021, increasing 24.7% year-over-year, according to the Texas Quarterly Housing Report released by Texas Realtors. 

The median price for homes in Texas is $300,490, increasing 19.1% in the second quarter of 2021. Almost a third (30%) of homes sold in the second quarter were priced from $200,000 to $299,999, the highest share of sales among all the price tiers. 

"Across the state, buyers are having to compete more than ever for houses, leading to a strong increase in home prices,” said Marvin Jolly, chairman of Texas Realtors. 

Housing inventory in Texas dropped to 1.4 months in the second quarter of 2021, a major drop from 2.9 months in the second quarter last year. The Texas Real Estate Center stated that a market balance between supply and demand has between 6 to 6.5 months of inventory. 

Research economist, Luis Torres, Ph.D., with the Texas Real Estate Research Center at Texas A&M University, “The extremely low level of supply available is holding back sales and pushing up prices, as mortgage rates are still hovering around 3%, the economy is expanding, and ongoing demographic trends continue to support housing demand. The limited inventory for homes priced less than $300,000 is particularly distressing and is stressing home affordability.”

Chairman Jolly added, “With such high demand and rising prices, buyers and sellers are relying on their Realtors more than ever to help them navigate this highly competitive market. Many sellers are in the enviable position of getting multiple offers above asking price but are finding there's more to choosing the best offer than simply going with the highest price. Factors such as appraisal waivers, earnest money, and termination options can all come into play. On the other side, buyers are facing the challenge of figuring out how to structure an offer that will stand out as the one the seller accepts. There's no one better than a Texas Realtor to guide buyers and sellers through these scenarios.”

 

Published
Jul 27, 2021
CFPB Outlines Consumer Complaint Patterns By Demographic

The Consumer Finance Protection Bureau's recent research brief reported that wealthier communities and those with a higher percentage of white residents tend to have more complaints about loan origination and servicing.

Analysis and Data
Sep 24, 2021
Homeowners Rack Up $2.9T In Equity In Q2 2021

Latest research from CoreLogic's Homeowner Equity Report revealed that U.S. homeowners with mortgages experience an equity gain of 29.3% year-over-year.

Analysis and Data
Sep 24, 2021
Migration Cools Down Slightly By Summer's End

While house hunters continue to migrate at a higher rate than they did earlier on in the pandemic, migration has slowed its pace this past summer as life in the U.S. has somewhat returned back to normal. 

Analysis and Data
Sep 23, 2021
Home Prices In Florida Surge This Quarter

The Florida housing market reported higher median prices with more new listings and a rise in all-cash sales in August compared to last year. 

Analysis and Data
Sep 23, 2021
Existing-Home Sales Retreat In August 2021

The National Association of Realtors reported a 2% decline in existing-home sales on a seasonally adjusted rate from July to August 2021.

Analysis and Data
Sep 23, 2021
Demand Strongly Outpaces Inventory In New York

Nationwide, a shortage of homes for sale is plaguing the housing market and this is especially true in New York, where the inventory of homes for sale has fallen for 22 consecutive months in year-over-year comparisons.

Analysis and Data
Sep 23, 2021