Home sales throughout the state of Texas kept a robust pace in the second quarter of 2019, according to the latest data from Texas REALTORS®. In further good news, housing inventory in Texas increased, according to the 2019-Q2 Texas Quarterly Housing Report, released in late July 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 Trey 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.”
Texas Home Sales by the Numbers
In the second quarter of this year, 101,896 homes were sold in Texas, representing a 1% gain when compared to the second quarter of 2018. Across the state, the median price increased 2.9% to $245,000. Of the homes sold within the second quarter, 32.7% were priced between $200,000 and $299,999, the highest share of sales among all price distributions. The second-highest share of sales were for homes ranging in price from $100,000 to $199,999.
Active listings increased during this timeframe as well, reaching 116,950 (a 75% gain from the same quarter 2018). Homes for sale in Texas spent an average of 55 days on the market, one day more than they did in the second quarter 2018.
Texas housing inventory grew to 4.1 months of inventory, representing an increase of 0.3 months from the second quarter 2018. According to the Real Estate Center at Texas A&M University, a market balanced between supply and demand has between 6.0 and 6.5 months of inventory. Therefore, the Texas market is still lingering in sellers’ market territory.
Chairman Bates concluded, “Home buyers and sellers across the state face different market conditions depending on where they reside. Factors such as the number of homes for sale and fluctuating home prices affect each real estate market and even each neighborhood differently. Working with a Texas REALTOR® will ensure that you’re provided the most accurate information and insights to inform your decision about buying or selling a home.”
Texas Mortgage Lender
If you’re interested in exploring home financing options for your next Texas home purchase, please connect with The Decker Group today. We’ll be happy to review your scenario and offer suggestions on which loan programs may work best for you. Call us at (972) 591-3097 or connect with us online for more information.