Texas home prices, sales continue to climb
08/01/2016 | Author: Editorial Staff
The Texas housing market showed signs of strength in the second quarter of 2016, according to the 2016-Q2 Texas Quarterly Housing Report released today by the Texas Association of REALTORS®.
Home sales reached 91,418 during the quarter, up 4.4% compared to the same period last year. Median prices rose 7.5% year-over-year to $215,000 for the quarter.
Strong demand during the past quarter kept inventory nearly unchanged at 3.7 months—a seller’s market—while the number of active listings was up 4.1% over the second quarter of 2015. Homes spent an average of 54 days on the market, a decrease of a day year-over-year.
Of homes sold during the second quarter of 2016, more than 45% were less than $200,000 and nearly 47% were between $200,000 and $500,000.
“The last few months have been one of the strongest starts to the summer selling season in the history of Texas real estate,” said Leslie Rouda Smith, chairman of the Texas Association of REALTORS®. “Texas homes of all types and price classes are in high demand. This is especially true for homes priced under $200,000, which are often preferred by first-time homebuyers but also in shortest supply across the state.”
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