AUSTIN, Texas, Aug. 3, 2015 /PRNewswire/ -- Texas home
prices hit an all-time high in the second quarter of 2015, while
home sales remained strong amid high demand, according to the
2015-Q2 Texas Quarterly Housing Report released today by the Texas
Association of Realtors.
"The impact of lower oil prices continues to be delayed, leading
to a surprisingly strong second quarter. In fact, Texas home sales are actually stronger than
they were this time last year, when oil prices were nearly
$100 a barrel," said Scott Kesner, chairman of the Texas Association
of Realtors. "This is further evidence of the strong and enduring
demand for Texas real estate."
According to the report, Texas
home sales increased 46.3 percent from 2015-Q1 and 4.7 percent
year-over-year to 88,906 home sales.
During the same time frame, the median price for Texas homes increased 8.1 percent from 2014-Q2
to $200,000 and average price
increased 9 percent year-over-year to $258,786. This is the first time the median price
for Texas homes has risen to
$200,000 and an all-time high for
Texas home prices.
Monthly housing inventory continued to decline, falling 9.2
percent year-over-year to 3.8 months. Inventory is still firmly
within a seller's market, as the Real Estate Center at Texas A&M University estimates that a monthly
housing inventory of 6.5 months is a level at which supply and
demand for homes is balanced.
Jim Gaines, Ph.D., economist with
the Real Estate Center at Texas A&M
University, explained, "Despite expected negative impacts
from the decline in the oil price and rig counts, both existing
housing development and new single-family home sales continue to be
strong. While a down oil and gas market makes it difficult to
forecast Texas real estate for the
rest of the year, preliminary numbers indicate a positive third
quarter of 2015. Additionally, the expectation of rising interest
rates in the near future could be stimulating demand as well."
Chairman Kesner concluded, "As home prices continue to rise,
housing affordability could become a greater issue across the
state. The Texas Association of Realtors is committed to
keeping homeownership affordable and fully supports the property
tax exemption increase and the permanent ban on a real estate
transfer tax proposed in Proposition 1."
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-Q2 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
Pierpont Communications
512-448-4950
durban@piercom.com
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SOURCE Texas Association of REALTORS