TAR report: Texas housing market kicks off 2017 strong

In first quarter 2017, Texas home sales volume increased 4.6 percent year over year to 68,420 sales. The median price for Texas homes increased 9.4 percent in the same time frame to $213,325.

The price distribution of Texas homes showed a decline in sales volume among lower-priced homes typically considered affordable for entry-level homebuyers in Texas.

The amount of Texas homes sold for less than $200,000 decreased 5.7 percentage points from a year ago to 45.6 percent of all Texas homes sold in the first quarter of this year.

Active listings increased 6 percent year over year. Homes spent an average of 64 days on the market—same as a year ago.

Monthly housing inventory was up 0.1 month to 3.6 months. This is the first time since 2011 that monthly housing inventory in Texas has posted annual gains in the first quarter.

For more on this, listen to this week’s Real Estate Red Zone podcast featuring Real Estate Center Chief Economist Dr. Jim Gaines.