Texas hasn’t seen a housing inventory increase in years—until now
08/01/2014 | Author: Editorial Staff
For the first time since 2011, Texas housing inventory has increased on a quarterly basis, according to the 2014-Q2 Texas Quarterly Housing Report released today.
This increase is good news for Texas real estate, says Jim Gaines, Ph.D., economist with the Real Estate Center at Texas A&M University. “A steady, ongoing supply of new housing stock—particularly in the first-time and move-up buyer market, where a majority of home-sales volume occurs—will be crucial to Texas housing market growth in the second half of 2014 and in the future,” Gaines says.
Here are a few highlights from the report:
- 81,272 single-family homes were sold in Texas in the second quarter of 2014—a 49.67% increase in homes sold over the same quarter last year.
- $187,300 was the median price of Texas homes, up 8.32% from 2013-Q2.
- The average price of Texas homes increased 9.64% quarter-over-quarter to $246,209.
- Statewide inventory of homes rose to 3.6 months from an all-time low of 3.4 months in 2014-Q1.
The report uses data from multiple listing services in markets throughout Texas. To see how your market performed in the second quarter of 2014, click here to download the full report issued by the Texas Association of REALTORS®.
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