Recent reports show that the Lone Star State came out strong by the end of 2013. According to the Texas Quarterly Housing Report from the Texas Association of REALTORS®, Texas saw continued year-over-year increases in sales volume as well as prices for single-family homes. This indicates that the market not only gained muscle in the final months of last year, it could also mean that Texas real estate is now poised for strong growth in the upcoming Spring season.
“The Texas real estate market showed strength in sales volume and price all year long and the fourth quarter was no exception,” said Dan Hatfield, chairman of the Texas Association of REALTORS® in a recent interview with the Pasadena Citizen. “We’ve now seen year-over-year increases in both sales volume and price every quarter for more than two years. This makes it clear – demand for Texas homes is strong and enduring.”
According to the Texas Association of REALTORS®, high demand for homes in the state lowered inventory in the fourth quarter, paving the way for a more competitive marketplace in the beginning of 2014. Here are a few more highlights of the quarterly report:
- 60,998 single-family homes were sold in Texas in Q4, 6.78% more than the same quarter in 2012.
- The median home price was $172,600, an increase of 8.48% from Q4 2012.
- Housing inventory decreased by one month to 3.6 months statewide.
Want to read more? Click here to download the full report from the Texas Association of REALTORS®.
About the Report
The Texas Quarterly Housing Report is issued four times per year by the Texas Association of REALTORS®. Data from the report is gathered from multiple listing service information and compiled and analyzed by the Real Estate Center at Texas A&M University. The report includes data for single-family home sales over the course of one quarter and 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.