Texas home sales on the rise in Q1
Recent numbers from the Texas Association of Realtors' Texas Quarterly Housing Report revealed that home sales are increasing in the Lone Star state.
Texas real estate market sees positive boost
The report indicated that between Q1 of 2016 and Q1 of 2017, the volume of home sales across Texas jumped by over 68,000, or 4.6 percent. Median home prices increased by more than 9 percent during this time, and currently exceed $213,000. These improvements are a continuation of the upward trend the market experienced in 2016, according to the Texas Association of Realtors, and could be a positive sign for summer home sales all around the state. Nearly 35 percent of homes sold during the start of 2017 were priced between $100,000 and $199,999, and 27 percent sold for between $200,000 and $299,999.
Active listings for Texas homes increased by 6 percent, or over 98,000, compared with the first quarter of last year. The state has seen 68,420 closed sales so far this year, which represents a year-over-year increase of 4.6 percent. Thus far in 2017, houses have spent an average of 64 days for sale and taken an average of 35 days to close, which means the average home has been on the market for 99 days. This is down from 102 days in 2016.
Houston and Dallas-Fort Worth markets experience notable improvements
These statewide enhancements were felt most prominently in the Dallas-Fort Worth and Houston regions. In DFW, homes saw a year-over-year median price increase of 13.3 percent. The number of sales handled by real estate agents in the D-FW metro area increased by 2.4 percent, and realtors in the area have made over 20,000 sales. Houston experienced a 6.7 percent increase in sales, which was the largest gain among the state's largest markets, reported the Dallas Morning News.
Dr. Jim Gaines, chief economist with the Real Estate Center at Texas A&M University, explained in a press release that these recent numbers indicate an imminent heating up of the Texas real estate market. As more buyers enter the market to take advantage of reasonable prices and up-and-coming cities, prices are likely to spike as availability drops.
"As Texas home prices and U.S. interest rates are projected to increase in 2017, now is an opportune time to buy a home in Texas," he stated.
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