Despite declines in inventory and active listings, there were 70,292 homes sold in Texas in the first quarter of 2018, an increase of 2.2% over the first quarter of 2017. The median sales price grew 5.7% to $224,500 in the same period, according to the 2018-Q1 Texas Quarterly Housing Report released by the Texas Association of REALTORS®.
“The momentum from the end of 2017 has moved into 2018, as Texas homes continue to be in high demand,” said Kaki Lybbert, chairman of the Texas Association of REALTORS®. “This strong activity we’ve seen in home sales volume during the first quarter of 2018 is setting the stage for a strong summer selling season for Texas real estate.”
Nearly 30% of homes sold in the first quarter of the year were $300,000 or more (a 1.9 percentage point jump year-over-year), while sales of homes for $299,000 or less dipped 1.7 percentage points. Active listings declined 2.9% from the first quarter of 2017 to 93,151 in 2018, and monthly housing inventory dropped 0.2 months to 3.3 months in the most recent quarter.