Shelter-in-place orders related to COVID-19 caused the number of home sales across Texas to decline in the second quarter of 2020, while median price increased, according to the 2020-Q2 Texas Quarterly Housing Report.
“Even though Texans entered Q2 in the jaws of COVID-19, the housing market held its own,” said Texas REALTOR® Chairman Cindi Bulla.
Home sales declined 9.9%, with 91,970 homes sold in the second quarter of 2020. Statewide, the median price increased 2.9% to $252,000. Of all the homes sold within the second quarter, 34.6% were priced from $200,000 to $299,999, the highest share of sales among all price-class distributions.
Housing inventory in Texas declined 0.9 months to 3.0 months of inventory. According to the Real Estate Center at Texas A&M University, a market balanced between supply and demand has between 6.0 and 6.5 months of inventory.