Third quarter home sales, prices up, inventory steady

​​AUSTIN – Texas home sales and prices continued to rise in third quarter 2015, while monthly housing inventory held steady, according to the 2015-Q3 Texas Quarterly Housing Report released yesterday by the Texas Association of Realtors.
 
Sales rose 7.8 percent year-over-year to 91,704. Prices had similar gains, with median price r​ising 7.7 percent year-over-year to $199,900.

Monthly housing inventory was at four months in the third quarter compared with 3.9 months in the same quarter last year. While housing inventory remains firmly within a seller’s market, it appears to be holding steady despite rising housing demand.

Real Estate Center Chief Economist Dr. Jim Gaines said, “The housing market continued to be strong in Texas during the third quarter, but high housing demand coupled with shortages in labor and lots continued to restrict new home construction, leaving inventory strained. Fortunately, more Texans are listing their homes on the market as prices have risen, possibly in expectation of rising interest rates in the future.”
 
Active listings statewide rose 7.6 percent year-over-year to 102,644. Homes spent an average of 51 days on the market, a decrease of six days compared with the same quarter last year.