The Texas real estate market finished 2013 strong, with continued year-over-year increases in sales volume and prices for single-family homes, according to the Texas Association of Realtors’ Texas Quarterly Housing Report released today.
“The Texas real estate market showed strength in sales volume and price all year long and the fourth quarter was no exception,” said Dan Hatfield, chairman of the Texas Association of Realtors. “We’ve now seen year-over-year increases in both sales volume and price every quarter for more than two years. This makes it clear – demand for Texas homes is strong and enduring.”
According to the Texas Quarterly Housing Report, 60,998 single-family homes were sold in Texas in the fourth quarter of 2013, which is 6.78 percent more than the same quarter of 2012. During the same time frame, the median price for Texas homes was $172,600, up 8.48 percent from 2012-Q4, and the average price was up 8.88 percent to $226,216.
Jim Gaines, Ph.D., economist with the Real Estate Center at Texas A&M University, explained, “One thing that is notable about the price increases seen in the fourth quarter is that they are relatively consistent across the state. Those increases are being seen in markets of every size, not just in the largest Texas markets, so that indicates broad-based appreciation for Texas real estate.”
This high demand continued to contribute to a shrinking inventory of homes in Texas. During the fourth quarter of 2013, the statewide inventory of homes decreased by one full month to 3.6 months. That figure is well below the 6.5 months that the Real Estate Center at Texas A&M University cites as a market balanced between supply and demand.