Texas home sales increased 6.4%—to 100,733 sales in the third quarter of 2019—compared to the same period last year, according to the 2019 Q3 Texas Quarterly Housing Report released today by Texas REALTORS®.
The statewide median home price for the quarter also increased to $245,000, a 4.3% increase over the third quarter of 2018. Of all sales during the third quarter of 2019, 33.4% were priced from $200,000 to $299,999. Homes priced from $100,000 to $199,999 represented 26.9% of sales for the quarter.
“Texas ended the summer selling season with continued growth in home sales and median price in most of the major markets,” said Tray Bates, chairman of Texas REALTORS®. “Our housing market remains healthy due to strong demand and steady increases in housing inventory.”
There was an increase of active listings from the previous year of 3.5% for 111,013 listings in the third quarter of 2019. Texas homes spent an average of 54 days on the market, two days longer than the same quarter last year.
“The Texas housing market continued to spur strong demand during the third quarter,” said Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University. “Based on sales activity, we saw prices, months of inventory, and active listings all experience significant growth in most of the markets across the state. During the remainder of the year, we expect attractive interest rates to incentivize homebuyers. In addition, new home construction will continue to pick up in markets such as Houston and Dallas, leading to an increase in housing inventory availability.”