AUSTIN, Sept. 8, 2017 /PRNewswire/ -- Texas home sales volume, home prices and listings activity experienced strong gains in the first half of the year, according to the 2017 Texas Real Estate Midyear Review Report released today by the Texas Association of Realtors.
"The devastation brought on by Hurricane Harvey will affect real estate activity in many areas of the state for the remainder of this year," said Vicki Fullerton, chairman of the Texas Association of Realtors. "Sales activity through the first half of the year had surpassed economic projections, with strong growth in sales activity and the number of homes on the market."
Texas home sales jumped 5.5 percent compared to the first six months of 2016, with 166,256 homes sold throughout Texas between January and June 2017. Texas home prices also continued to rise steadily in the first half of the year. The median sales price increased 7.7 percent from the year prior to $221,800.
Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University, also cautioned that Hurricane Harvey will likely negatively impact housing market statistics for the remainder of 2017. "Houston's housing market accounts for roughly 25 percent of the Texas housing market," said Gaines, "and it could take months before the Houston area begins to enter the recovery phase and a few years before the impacted communities fully recover."
The number of homes on the market also grew significantly statewide in the first half of the year, with active listings increasing 5.9 percent year-over-year to 99,398 active listings. This uptick in housing stock has helped lead to a much-needed increase in housing inventory, which ended at 4.1 months in June 2017.
This is only the second time in three years that Texas housing inventory levels have surpassed 4.0 months, although this is still well below the 6 to 6.5 months of inventory the Real Estate Center at Texas A&M University estimates as a balanced housing market. Texas homes spent approximately the same length of time on the market in the first half of 2017: an average of 58 days.
Chairman Fullerton concluded, "Realtors across Texas are stepping up and coming together with other community leaders to drive cleanup efforts and bring relief where it is needed most. The Texas Association of Realtors has already distributed more than $1 million through the Realtors Disaster Relief Fund to Texans impacted by Hurricane Harvey. Realtors and many local Realtor associations are also assisting in hands-on relief efforts in areas that were affected by this devastating storm so we can rebuild our communities."
About the Texas Real Estate Midyear Review Report
Data for the Texas Real Estate Year in Review Report is provided by the Data Relevance Project, a partnership among the Texas Association of REALTORS® and local REALTOR® associations throughout the state. Data analysis is provided by the Real Estate Center at Texas A&M University. The report provides annual real estate sales data from a statewide perspective and for 25 metropolitan statistical areas in Texas. To view the report in its entirety, visit TexasRealEstate.com.
About the Texas Association of REALTORS®
With more than 110,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit TexasRealEstate.com to learn more.
SOURCE Texas Association of REALTORS