Where is the Texas Real Estate Market Headed?

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.