The Texas housing market gained positive momentum in the first quarter of 2012, according to the 2012-Q1 edition of the Texas Quarterly Housing Report. Here are some highlights from the report:
- From January through March 2012, the volume of single-family home sales in Texas was 45,502, 12% more than the same quarter in 2011. The median price for Texas homes during the quarter was $147,100, 2.7% more than 2011-Q1.
- Months inventory decreased from 7.6 months statewide in 2011-Q1 to 6.0 months in the first quarter of this year. Economists at the Real Estate Center at Texas A&M University say that 6.5 months of inventory represents a balanced market. The 21% drop in housing stock could mean demand is starting to overtake supply and Texas home prices are about to rise again.
“If all the indicators play out as we expect, the Texas real estate market is in for a busy spring and summer,” said Joe Stewart, chairman of the Texas Association of REALTORS®.
Download the full report, complete with charts and graphs on 47 markets in Texas, and share its findings.