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FOR IMMEDIATE RELEASE

Texas real estate market finishes 2013 strong

Texas REALTORS® releases 2013-Q4 edition of Texas Quarterly Housing Report

February 03, 2014 — Austin

The Texas real estate market finished 2013 strong, with continued year-over-year increases in sales volume and prices for single-family homes, according to the Texas REALTORS®’ Texas Quarterly Housing Report released today.

“The Texas real estate market showed strength in sales volume and price all year long and the fourth quarter was no exception,” said Dan Hatfield, chairman of the Texas REALTORS®. “We’ve now seen year-over-year increases in both sales volume and price every quarter for more than two years. This makes it clear – demand for Texas homes is strong and enduring.”

According to the Texas Quarterly Housing Report, 60,998 single-family homes were sold in Texas in the fourth quarter of 2013, which is 6.78% more than the same quarter of 2012. During the same time frame, the median price for Texas homes was $172,600, up 8.48% from 2012-Q4, and the average price was up 8.88% to $226,216.

Jim Gaines, Ph.D., economist with the Real Estate Center at Texas A&M University, explained, “One thing that is notable about the price increases seen in the fourth quarter is that they are relatively consistent across the state. Those increases are being seen in markets of every size, not just in the largest Texas markets, so that indicates broad-based appreciation for Texas real estate.”

This high demand continued to contribute to a shrinking inventory of homes in Texas. During the fourth quarter of 2013, the statewide inventory of homes decreased by one full month to 3.6 months. That figure is well below the 6.5 months that the Real Estate Center at Texas A&M University cites as a market balanced between supply and demand.

Gaines continued, “Demand for Texas homes in 2014 should continue, but it’s possible that a shortage of inventory could inhibit sales volumes. The steady price increases we’ve seen recently should help alleviate that, enticing more sellers into the market, but buyers should continue to expect to compete for desirable properties.”

Chairman Hatfield concluded, “These results show that Texas continues to grow, which makes it even more important that we commit to providing the infrastructure our state needs to sustain that growth and maintain our quality of life. Texas REALTORS® will be actively supporting lawmakers in the upcoming election cycle to do exactly that.”

The Texas Quarterly Housing Report is issued four times per year by the Texas REALTORS®, with multiple listing service data compiled and analyzed by the Real Estate Center at Texas A&M University. View the entire report for 2013-Q4 on TexasRealEstate.com.

About the Texas Quarterly Housing Report

Data for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local REALTOR® associations and their MLSs, and Texas REALTORS®, with analysis by the Real Estate Center at Texas A&M University. The report provides quarterly real estate sales data for Texas and 25 metropolitan statistical areas in the state. The Texas Real Estate Year-in-Review Report in February and the Texas Real Estate Mid-Year Report in August are released in lieu of the Q2 and Q4 reports each year. To view the report in its entirety, visit texasrealestate.com.

About Texas REALTORS®

With more than 125,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocate for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.