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Texas Home Sales, Prices Continue To Strengthen In 2016

Posted by sadmin on 4th August 2016
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Texas home sales and prices had strong gains in second quarter 2016, according to the 2016-Q2 Texas Quarterly Housing Report released yesterday by the Texas Association of Realtors.

Just over 91,400 homes were sold statewide in the second quarter, a 4.4 percent increase from the same period last year and the highest volume ofTexas home sales ever.

More than 45 percent of homes sold in the second quarter were priced under $200,000, while nearly 47 percent were priced between $200,000 and $500,000.

Median price increased 7.5 percent year-over-year to $215,000.
Inventory remained statistically unchanged from the first quarter at 3.7 months, indicating a seller’s market. The Real Estate Center considers a 6.5-month inventory a sign of a balanced market.

“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,” said Center Chief Economist Dr. Jim Gaines. “Flattening declines in statewide housing inventory and an increasing number of homes on the market indicate that Texas could finally be moving toward a more balanced housing market, although it will take some time to do so.”

Active listings rose 4.1 percent year-over-year in the second quarter to 98,495. Texas homes averaged 54 days on the market, one day less than the same quarter last year.

source: Texas Association of Realtors