Texas home sales decline on quarterly basis for first time since 2012

Texas home sales volume declined 0.3 percent year-over-year to 91,401 home sales. The median price increased 5.6 percent to $225,000.

The price distribution of homes sold in the third quarter showed that 44.5 percent were less than $150,000 (the price threshold that the Real Estate Center cites as affordable for entry-level Texas homebuyers). This is a decrease of 0.7 percentage points from the same period last year.

"Historically, Texas home sales volume is highest in the second and third quarter each year," said ​Center Chief Economist Dr. Jim Gaines. "How​​​ever, shortages in housing stock fueled by population growth and increasing labor and lot shortages continue to put constraints on the Texas housing market."

Monthly housing inventory​ in Texas increased 0.2 months from third quarter 2016 to four months of inventory.

​​​​​​Active listings increased 7.4 percent year-over-year to 109,961 listings in the third quarter. Texas homes spent an average of 52 days on the market.​​​​​​​​​