Last quarter of 2011 features higher sales volume, stable prices for Texas homes
Texas Association of REALTORS® releases 2011-Q4 edition of the Texas Quarterly Housing Report
FOR IMMEDIATE RELEASE—
CONTACT: Stacy Armijo - Pierpont Communications, 512-448-4950
Feb 01 2012 — AUSTIN
Consistency and stability were the key characteristics of the Texas real estate market in the fourth quarter of 2011, according to the most recent version of the Texas Quarterly Housing Report issued today. Featuring a 6% increase in the volume of single-family home sales and a median price that was unchanged compared to 2010-Q4, the Texas real estate market has continued to show strength and stability amidst national economic uncertainty.
For the period of October through December 2011, the volume of single-family home sales in Texas was 46,764, 6% more than the same quarter in 2010. The median price for Texas homes during the quarter was $148,100, a figure that is statistically unchanged from 2010-Q4.
“It’s encouraging to see continued stability in the Texas real estate market heading into 2012,” said Joe Stewart, chairman of the Texas Association of REALTORS®. “With increasing sales, stable prices and low mortgage interest rates, this report is more evidence that, in Texas, things are different … and better.”
Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University, expanded on the report, “The fourth quarter of 2011 presents our first opportunity in several years to compare apples to apples because we are now looking back on a quarter unaffected by significant stimulus programs. With this clear view, we see stability and consistency compared to last year with the most significant change being in months of inventory.”
During the fourth quarter of 2011, the Texas market had 6.4 months of inventory, a significant decrease from 7.6 months in 2010-Q4. Months inventory is an indicator of the balance between demand for homes and supply in the market and the Real Estate Center at Texas A&M University cites 6.5 months of inventory as a balanced market. This measure may be somewhat misleading, Gaines points out, as the number of Texas listings in fourth quarter 2011 fell significantly due to sellers waiting on price increases and foreclosure/distressed listings being held back.
Gaines continued, “Looking at the year as a whole, sales volume and median price in Texas were essentially flat compared to 2010. However, Texans should know that ‘flat’ is the new ‘up’ because our state still outpaces national averages by eight to 10% in both sales volume and median price.”
Chairman Stewart concluded, “This familiar landscape of steady growth in Texas is in sharp contrast to other states. Heading into 2012, we’re expecting even more activity in the housing sector, which will continue to be a key driver of the Texas economy.”
The Texas Quarterly Housing Report is issued four times per year by the Texas Association of REALTORS® with multiple listing service data compiled and analyzed by the Real Estate Center at Texas A&M University.
About the Texas Quarterly Housing Report
Data for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local REALTOR® associations and their MLSs, the Real Estate Center at Texas A&M University, and the Texas Association of REALTORS®. The report provides quarterly real estate sales data from a statewide perspective and for 25 metropolitan statistical areas in Texas. It is scheduled for release by the Texas Association of REALTORS® on the following dates each year (or the next business day): Feb. 1, May 1, Aug. 1, and Nov. 1. To view the report in its entirety, visit texasrealestate.com.
About the Texas Association of REALTORS®
With more than 100,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit texasrealestate.com to learn more.