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Texas home sales continue to rise steadilyTexas home sales continue to rise steadilyhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=150482016-10-31T05:00:00Z2016-10-31T19:00:00Z

​​​​​AUSTIN – Statewide home sales volume rose slightly in third quarter 2016, while​ median home prices continued to increase, according to the 2016-Q3 Texas Quarterly Housing Report from the Texas Association of Realtors. 

According to the report, 91,248 homes were sold in Q3, a 0.2 percent increase from a year ago. In the same timeframe, the median price for Texas homes increased by 7 percent to $214,000. 

Housing inventory crept upward to 3.9 months, an increase of 0.1 months from last year. Active listings rose 4.2 percent to 103,109. Texas homes spent slightly more time on the market this quarter, averaging 53 days, which is one day longer than the same quarter last year. 

"Given the recent slowdown in the Texas economy, the performance of the Texas housing market in the third quarter is remarkable," said Dr. Jim Gaines, chief economist with the Real Estate Center.

"The demand for housing in Texas continues to exceed supply, driving home prices upward. We just haven't been building homes fast enough, and the rising land and development costs have made it difficult to build new homes at lower price points."​

Texas Association of REALTORS
Texas
Housing
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