The statewide housing market for Texas had something for everyone in the second quarter of 2019. Median home sales prices, sales volume, and inventory increased compared to the same period last year, according to the 2019-Q2 Texas Quarterly Housing Report released today by Texas REALTORS®.
“The Texas housing market experienced a strong kickoff to the summer selling season with more than 100,000 homes sold during the second quarter,” said Tray Bates, chairman of Texas REALTORS®. “While specific conditions vary by market, the statewide trend has good news for sellers and buyers. Sellers are selling for a slightly higher median price, and buyers have access to more properties for sale statewide.”
Compared to the second quarter of 2018, active listings increased 7.5% to 116,950 statewide. Housing inventory—the measure of active listings divided by the average number of sales per month—grew to 4.1 months of inventory, an increase of 0.3 months over the same period last year.
The statewide median home price increased 2.9% year-over-year to $245,000, while the number of homes sold during the second quarter of 2019 rose 1% to 101,896 sales. Nearly a third of the home sales during the second quarter were priced between $200,000 to $299,999, and just under 27% of home sales were priced between $100,000 to $199,999.
“While the Texas housing market remained strong in Q2, our markets began slowing down in terms of transaction volume coupled with tight housing inventory,” said Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University. “Statewide, we’re seeing more of a separation in sales activity between large cities compared to medium and smaller cities due in part to increased population and job growth concentrated in the major markets. However, we anticipate home sales growth to remain strong in the third quarter of 2019 as a result of the projected lower interest rates and the continuation of the summer selling season.”