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Texas home sales continue to grow

Monday, May 13, 2019   /   by Scott Shine

Texas home sales continue to grow

AUSTIN (Texas Realtors) – Texas home sales continued to rise, and median price moderately increased during first quarter 2019, according to the 2019-Q1 Texas Quarterly Housing Report from Texas Realtors.

Last quarter, 70,827 homes were sold statewide, a 0.7 percent increase over the year. The median price increased 2.7 percent to $230,000. Of all the homes sold in the first quarter in 2019, 32 percent were priced from $200,000 to $299,999, the highest share of sales among all price-class distributions.

Homes priced from $100,000 to $199,999 represented the second-highest share of sales with 30.5 percent. Real Estate Center Chief Economist Dr. Jim Gaines said sales increased by around 1 percent across the state during the first quarter with notable gains in sales volume in March in the major markets. "The median price also continued to rise but at a substantially slower rate," he said. "Furthermore, listings finally showed signs of growth with a corresponding rise in months inventory, but it's still a tight market overall."

Active listings jumped 14 percent from a year ago to 104,620. Texas homes spent an average of 68 days on the market. Housing inventory in Texas also increased 0.4 months over the year from first quarter 2018 to 3.6 months of inventory. According to the Real Estate Center, a balanced market has between six and 6.5 months of inventory.