Demand For Homes in Texas Remains Strong

| March 1, 2014

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The Fourth Quarter Of 2013 Continued Increased Sales And Prices

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 recently released Texas Association of REALTORS®’ Texas Quarterly Housing Report.

“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.

Gaines continued, “Demand for Texas homes in 2014 should continue, but it’s possible that a shortage of inventory could inhibit sales volumes. The steady price increases we’ve seen recently should help alleviate that, enticing more sellers into the market, but buyers should continue to expect to compete for desirable properties.”

Chairman Hatfield concluded, “These results show that Texas continues to grow, which makes it even more important that we commit to providing the infrastructure our state needs to sustain that growth and maintain our quality of life. Texas REALTORS® will be actively supporting lawmakers in the upcoming election cycle to do exactly that.”

The Texas Quarterly Housing Report is issued four times per year by the Texas Association of REALTORS®, with multiple listing service data compiled and analyzed by the Real Estate Center at Texas A&M University. View the entire report for 2013-Q4 on TexasRealEstate.com.

Data for the Texas Quarterly Housing Report is analyzed by the Real Estate Center at Texas A&M University using statistics compiled from 48 multiple listing services in markets throughout Texas. The report includes data for single-family home sales over the course of one quarter.


Category: KATY COMMUNITY

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