AUSTIN, Texas, Nov. 2, 2015 /PRNewswire/ -- Texas home sales and prices continued to rise in the third quarter of 2015, while monthly housing inventory held steady, according to the 2015-Q3 Texas Quarterly Housing Report released today by the Texas Association of Realtors.
"Overall, statewide numbers continue to be strong," said Scott Kesner, chairman of the Texas Association of Realtors. "Last year fell just short of being the best year ever in Texas real estate, but 2015 has shown consistent year-over-year gains in both home sales and prices. At this current pace, 2015 could very well surpass 2007 as a record year for Texas home sales."
According to the report, Texas home sales rose 7.8 percent year-over-year to 91,704 home sales in 2015-Q3. Texas home prices saw similar gains, with median price rising 7.7 percent year-over-year to $199,900 in 2015-Q3.
Monthly housing inventory in Texas was 4.0 months in 2015-Q3 compared to 3.9 months in the same quarter last year. While housing inventory remains firmly within a seller's market, it appears to be holding steady despite rising housing demand. 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 supply and demand for homes is balanced.
Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University, explained, "The housing market continued to be strong in Texas during the third quarter, but high housing demand coupled with shortages in labor and lots continued to restrict new home construction, leaving inventory strained. Fortunately, more Texans are listing their homes on the market as prices have risen, possibly in expectation of rising interest rates in the future."
Active listings statewide rose 7.6 percent year-over-year to 102,644 active listings in 2015-Q3. Texas homes also continued to spend less time on the market. In 2015-Q3, Texas homes spent an average of 51 days on the market, a decrease of six days compared to the same quarter of the prior year.
Chairman Kesner concluded, "Another strong buying season is in the record books, which is why the Texas Association of Realtors is out there advocating for infrastructure and affordability measures that support this enduring housing demand. We encourage Texans to vote 'yes' for both Proposition 1 and Proposition 7 on Nov. 3, both of which are critical to maintaining homeownership affordability in Texas and creating a sustainable infrastructure for our rapidly-growing state."
About the Texas Quarterly Housing Report
Data for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local REALTOR® associations and their MLSs, the Real Estate Center at Texas A&M University, and the Texas Association of REALTORS®. The report provides quarterly real estate sales data from a statewide perspective and for 25 metropolitan statistical areas in Texas. It is scheduled for release by the Texas Association of REALTORS® on the following dates each year (or the next business day): Feb. 1, May 1, Aug. 1 and Nov. 1. To view the 2015-Q3 report in its entirety, visit TexasRealEstate.com.
About the Texas Association of REALTORS®
With more than 100,000 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.
CONTACT: Danielle Urban
SOURCE Texas Association of REALTORS