November 01, 2016 — Austin
Texas home sales volume rose slightly in the third quarter of 2016 while median home prices continued to increase, according to the 2016-Q3 Texas Quarterly Housing Report released today by the Texas REALTORS®.
“Texas home sales in 2016 continue to edge out last year’s record-breaking sales volume, and in many local markets, growth is still very strong,” said Leslie Rouda Smith, chairman of the Texas REALTORS®.
According to the report, 91,248 homes were sold in Texas in the third quarter of 2016, a 0.2% increase from 2015-Q3. In addition, the median price for homes in Texas increased in the same timeframe by 7%, to $214,000.
Dr. Jim Gaines, chief economist at the Real Estate Center at Texas A&M University, added, “Given the recent slowdown in the Texas economy, the performance of the Texas housing market in the third quarter is remarkable.
The demand for housing in Texas continues to exceed supply, driving home prices upward. We just haven’t been building homes fast enough, and the rising land and development costs have made it difficult to build new homes at lower price points.”
Housing inventory continued to edge upward in 2016-Q3 to 3.9 months, an increase of 0.1 months from the same quarter of the previous year, and active listings rose 4.2% to 103,109 active listings. Texas homes spent slightly more time on the market in 2016-Q3, averaging 53 days, which is one day longer than the same quarter of 2015.
Chairman Smith concluded, “Texas real estate and housing affordability are at the center the Texas economy and our state’s future growth. In the upcoming session of the Texas Legislature, it’s critical that we continue to take steps to keep homeownership affordable in Texas. The Texas REALTORS® will continue to be the largest organization actively advocating on behalf of homeowners at the state Capitol to support that goal.”