The Lone Star State has really ramped up its real estate market! Thanks to a steady pace of rising home values and strong sales volume, the fourth quarter of 2012 featured the strongest increases in sales volume and price for single-family homes in Texas seen last year. This information comes to us from the Texas Association of Realtors, who released this information at the beginning of February.
According to a recent press release from PR Newswire, the report shows increasing demand for Texas homes, along with decreasing inventory. These two conditions have contributed to rising prices and improving confidence among homeowners.
Shad Bogany, chairman of the Texas Association of Realtors, commented on the results:
“Texas Realtors saw a marked increase in the pace of home sales as 2012 came to a close and homeowners are expressing a lot of enthusiasm about 2013.”
Here are a few highlights from the report:
- 56,488 single-family homes were sold in Texas in the fourth quarter of 2012, which is 19.82 percent more than the same quarter of the prior year
- The median price was up to $159,200; 7.42 percent more than 2011-Q4
- The fourth quarter of 2012 marked the sixth quarter of decreasing inventory for the Texas real estate market
The shrinking inventory alone has helped spur Texas home prices and create a market favorable to sellers. But that’s not to say buyers are missing out! Home prices are on the rise, but mortgage rates are remaining near historic lows and there are plenty of great real estate deals to be had. With spring right around the corner, more homes are expected to hit the market, which can open up a lot more opportunity for buyers. But if you’re thinking of buying a home in Texas this spring, you better get your finances in order soon – these homes will likely be scooped up quickly, as demand continues to move up.
For information on Texas home loans, be sure to contact Kelly Decker and his team of experienced mortgage experts. They can help you find the right mortgage product for your needs at a rate you can afford! Call (972) 591-3097 today to get a free quote!