Thursday, September 14, 2017 / by Scott Shine
Texas home sales jumped 5.5 percent compared with the first six months of 2017, with 166,256 homes sold throughout Texas between January and June 2017. Texas home prices also continued to rise steadily in the first half of the year. The median sales price increased 7.7 percent from the prior year to $221,800.
Real Estate Center Chief Economist Dr. Jim Gaines cautioned that Hurricane Harvey will likely negatively impact housing market statistics for the remainder of 2017.
"Houston's housing market accounts for roughly 25 percent of the Texas housing market," said Gaines, "and it could take months before the Houston area enters the recovery phase and a few years before the impacted communities fully recover."
This is only the second time in three years that Texas housing inventory levels have surpassed four months, although this is still well below the six to 6.5 months of inventory the Center considers a balanced housing market.
Texas homes spent an average of 58 days on the market—approximately the same length of time on the market as in the first half of 2017.