The median sales price for Texas homes was $238,000 in the second quarter of 2018, a 4.4% increase over the previous year, according to the 2018-Q2 Texas Quarterly Housing Report released by the Texas REALTORS®.
The number of homes sold in the second quarter also increased year-over-year 2.8% to 100,227. Homes priced $200,000 to $299,999 represented the greatest share of the sales at 30.2%, while 29.2% of homes sold in the quarter were between $100,000 and $199,999.
“We had a strong kickoff to the summer selling season this year, topping 100,000 homes sold during the second quarter,” said Kaki Lybbert, chairman of the Texas REALTORS®. “Despite the tight supply of homes on the market, growth in home sales volume and median home prices shows that the demand to own a home remains strong across the state.”
The second quarter also saw active listings rise 0.3% to 110,330 compared to last year, and homes spent an average of 87 days on the market—one days less than in 2017. Housing inventory decreased 0.1 months year-over-year to 3.9 months. 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.