How Texas real estate set an all-time record last quarter
05/01/2015 | Author: Editorial Staff
The combination of high demand for Texas housing and record-low inventory resulted in a strong start to the year, according to the 2015-Q1 Texas Quarterly Housing Report released today.
The first quarter of the year is typically a slow period for homebuying and selling, says Texas Association of REALTORS® Chairman Scott Kesner. "So we were thrilled to see strong home-sales gains statewide in the first part of 2015. Market conditions are ripe for another competitive summer selling season in 2015."
Here are a few highlights from the report:
- 57,818 single-family homes were sold in Texas—a 4.16% increase from the same quarter of 2014.
- Median sales price for Texas homes was $186,500, which is a 7.8% increase from 2014-Q1.
- Average sales price increased 6.99% in the first quarter to $240,303.
Statewide housing inventory hit a new all-time low of 3.1 months in 2015-Q1. Markets with 6.5 months are considered to be balanced between supply and demand.
The report uses data from multiple listing services in markets throughout Texas. To see how your market performed in the first quarter of 2015, download the full report issued by the Texas Association of REALTORS®.
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