Texas home sales remain strong; housing inventory rises in second quarter of 2019

AUSTIN, Texas, July 23, 2019 /PRNewswire/ -- Texas home sales remained strong during the second quarter of 2019, while monthly housing inventory increased, according to the 2019-Q2 Texas Quarterly Housing Report released today by Texas Realtors.

"The Texas housing market experienced a strong kickoff to the summer selling season with more than 100,000 homes sold during the second quarter," said Tray Bates, chairman of Texas Realtors. "While specific conditions vary by market, the statewide trend has good news for sellers and buyers. Sellers are selling for a slightly higher median price, and buyers have access to more properties for sale statewide."

During the second quarter of this year, 101,896 homes were sold in Texas, an increase of 1% compared to the second quarter of 2018. Statewide, the median price increased 2.9% to $245,000. Of all the homes sold within the second quarter, 32.7% were priced from $200,000 to $299,999, the highest share of sales among all price-class distributions. Homes priced from $100,000 to $199,999 represented the second-highest share of sales with 26.7%.

Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University, commented, "While the Texas housing market remained strong in Q2, our markets began slowing down in terms of transaction volume coupled with tight housing inventory. Statewide, we're seeing more of a separation in sales activity between large cities compared to medium and smaller cities due in part to increased population and job growth concentrated in the major markets. However, we anticipate home sales growth to remain strong in the third quarter of 2019 as a result of the projected lower interest rates and the continuation of the summer selling season."

Active listings increased 7.5% from the second quarter in 2018 to 116,950 listings. Texas homes spent an average of 55 days on the market during the same time frame, one day more than the second quarter of 2018.

Housing inventory in Texas also grew to 4.1 months of inventory, an increase of 0.3 months from 2018-Q2. According to the Real Estate Center at Texas A&M University, a market balanced between supply and demand has between 6.0 and 6.5 months of inventory.

Chairman Bates concluded, "Homebuyers and sellers across the state face different market conditions depending on where they reside. Factors such as the number of homes for sale and fluctuating home prices affect each real estate market and even each neighborhood differently. Working with a Texas Realtor will ensure that you're provided the most accurate information and insights to inform your decision about buying or selling a home."

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, and Texas REALTORS®, with analysis by the Real Estate Center at Texas A&M. The report provides quarterly real estate sales data for Texas and 25 metropolitan statistical areas in Texas. The Texas Real Estate Year-in-Review Report in February is released in lieu of the Q4 report each year.

About Texas REALTORS®
With more than 125,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocate for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.

CONTACT: Morgan Moritz, 512-448-4950, [email protected]

SOURCE Texas REALTORS