Texas Housing Report Shows Q2 Up 13 Percent Over Last Year

The Texas Association of Realtors released its Second Quarter Housing Report yesterday (Aug. 1) which showed a continuation of the marked growth in Texas’ residential housing market. The local housing market showed 5.9 months of inventory last quarter and an upswing in the median price of homes sold:

Strong momentum in Texas real estate market continues in second quarter of 2012

Texas Association of REALTORS® releases 2012-Q2 edition of the Texas Quarterly Housing Report

Stacy Armijo – Pierpont Communications

Aug. 1, 2012 – AUSTIN – In another example of how Texas is leading the nation’s economic recovery, the real estate market continues to show marked improvements over last year, according to the 2012-Q2 edition of the Texas Quarterly Housing Report issued today by the Texas Association of REALTORS®. Featuring 13% more single-family home sales than the same quarter of the prior year and a median price that was seven percent higher than 2011-Q2, the results demonstrate that Texas’s economic recovery is robust and widespread throughout the state.

“The momentum we saw in the first quarter of this year is continuing and we’re seeing that now not only in increased sales volume, but also in a strong increase in the median price,” said Joe Stewart, chairman of the Texas Association of REALTORS®. “That is good news for Texas homeowners who have been thinking of moving up, but who have remained on the sidelines because they’re concerned about earning full value for their current home.”

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. In addition, the median price in the second quarter of 2012 was $161,400, which is 7.45% more than 2011-Q2.

“One of the most noteworthy aspects of this quarter’s results is the consistency across markets,” said Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University. “Occasionally, statewide results can be dominated by trends in Texas’s largest markets due to the large volume of real estate transactions they represent. However, in this case, the increases in both sales volume and median price are seen throughout most of the 48 Texas markets included in the report.”

In addition to improvements in sales volume… (Read the rest here)