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Texas home sales, prices continue strong gains in Q2

Staff Writer | August 2, 2016
Texas home sales and prices experienced strong gains in the second quarter of 2016, according to the 2016-Q2 Texas Quarterly Housing Report by the Texas Association of Realtors.
Texas home sales
Houses   Home prices continued to rise in Texas
According to the report, 91,418 homes were sold in Texas in the second quarter of 2016, a 4.4 percent increase from 2015-Q2 and the highest volume of Texas home sales ever.

More than 45 percent of homes sold in the second quarter were priced less than $200,000, while nearly 47 percent were priced between $200,000 and $500,000.

Home prices continued to rise amidst strong population growth and low housing inventory throughout the state, with the median price for Texas homes increasing 7.5 percent year-over-year to $215,000 in 2016-Q2.

Housing inventory remained statistically unchanged from 2016-Q1 at 3.7 months, a level that indicates a seller's market.

The Real Estate Center at Texas A&M University estimates that a monthly housing inventory between 6.0 and 6.5 months is a level at which the supply and demand for homes is balanced.

Active listings rose 4.1 percent year-over-year in 2016-Q2 to 98,495 active listings. Texas homes also continued to spend less time on the market, averaging 54 days, which is one day less compared to the same quarter of 2015.