Demand for Texas homes is higher than ever before
05/02/2016 | Author: Editorial Staff
A small number is making big news for Texas real estate. In the first quarter of 2016, the inventory of homes statewide hit an all-time low at 2.8 months.
That means if no more houses were listed for sale in Texas, it would take less than three months to deplete the supply of homes on the market now. Why does this matter? Historically low inventory means homes are in demand now more than ever.
For comparison, the Real Estate Center at Texas A&M University estimates that a monthly housing inventory between 6.0 and 6.5 months is balanced between supply and demand … and Texas was at less than half that number in the first quarter of 2016.
For more first-quarter stats, including median home prices and days on market, check out the Texas Quarterly Housing Report, released today by the Texas Association of REALTORS®. The report includes statewide data and data for 25 local markets.