August 02, 2010 — Austin
According to the latest Texas Quarterly Housing Report, released today, the volume of real estate sales in Texas increased for the third quarter in a row, possibly spurred by renewed job growth in the state and the expiration of federal homebuyer tax credits.
The Texas Quarterly Housing Report is issued four times a year by the Texas REALTORS® with multiple listing service (MLS) data compiled and analyzed by the Real Estate Center at Texas A&M University.
For the period of April through June 2010, sales of existing single-family homes increased 14 percent to 66,079 compared to the same quarter of the prior year. Over the same time period, the median price of homes in Texas remained virtually unchanged at $149,200. The months of inventory of Texas homes — a statistic that indicates the balance between supply and demand for homes — increased slightly from 7.3 months in 2009-Q2 to 7.4 in 2010-Q2.
Bill Jones, chairman of the Texas REALTORS®, commented on the positive results. “We’re encouraged to see continued strength in Texas’ real estate market as 2010 marches forward,” Jones said. “We’re now focused on maintaining that strength and expanding access to affordable, sustainable homeownership in Texas.”
To do so, the Texas REALTORS® has launched TxHomePrograms.org, a searchable online database of homebuyer assistance programs. In addition, Texas Realtors are partnering with local lenders, housing counselors and others throughout the state to host educational events for consumers about affordable housing.
Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University, said the robust second-quarter numbers overall were “spurred by particularly heavy volume in April and May. However, the federal tax credits for homebuyers expired on April 30 and sales volume decreased between May and June. It’s possible the tax credit deadline inspired buyers to move up purchasing decisions, so we may have seen our usual ‘summer peak’ in sales volume a little early this year.”
Gaines added, “This is a very unique time in the housing market because of the extent of federal government involvement and there is no precedent to predict what will happen in the next few quarters. We will have to watch the economy and the market closely to determine where it is heading.”
To view the Texas Quarterly Housing Report for 2010-Q2 in its entirety, visit www.TexasRealEstate.com.