The Texas real estate market
continues to show marked improvements over last year, according to the 2012
Second Quarter edition of the Texas
Quarterly Housing Report released this week. Here are some
highlights from the report:
The median
sales price of Texas
homes in the second quarter of 2012 was $161,400, which is 7.45% more than the
second quarter of 2011.
The average
sales price had a similar jump, up 7.13% from the second quarter of 2011, to
$213,674.
In addition
to statewide improvements in sales volume and price, the “months inventory”
figure improved. Indicating the balance between supply and demand, the Texas market featured
5.9 months of inventory in the second quarter of 2012, which is 2.2 months less
than the second quarter of 2011.
This is good news. The Real Estate Center cites 6.5
months of inventory as a market in which demand is balanced with supply.
In the
second quarter of 2012, 67,334 single-family homes were sold in Texas, which is 13.04%
more than the second quarter of 2011.
“Texas has been leading
the economic recovery and these results are more proof that our state is one of
the nation’s best places to own a home," said Chairman Joe Stewart.
"Now, we must protect the high quality of life that fueled that recovery
and work on absorbing the growth of our state. That is the focus of the Texas
Association of REALTORS® as we once again begin preparing to advocate for Texas homeowners during
the 83rd session of the Texas Legislature in 2013.