Texas home sales, prices break records . . . again

​​​​AUSTIN – Texas home sales volume and home prices reached all-time highs for the third year in a row, according to the2017 Texas Real Estate Year in Reviewreport by the Texas Association of Realtors (TAR).

“Despite the devastation of Hurricane Harvey, the Texas housing market had a very strong fourth quarter, helping solidify 2017 as another record-breaking year in Texas real estate,” said Kaki Lybbert, chairman of TAR.”

Statewide home sales jumped 4 percent in 2017, with 336,502 homes sold. The median sales price increased 6.7 percent from the year before to $223,990.

"Across the state, we are projecting sales activity to be even more robust in 2018," said Dr. Jim Gaines, Real Estate Center chief economist. "One of the big drivers will be from first-time homebuyers finding opportunities in the market with more builders focusing on the entry-level price point and lenders relaxing the requirements for first-time homebuyers. Additionally, the likelihood of more volatile interest rates in 2018 will influence homebuyers to buy now rather than later."

Housing inventory across the state dipped 0.1 months to 3.1 months of inventory in December 2017. According to the Center, a balanced market has between six and 6.5 months of inventory.

Texas homes spent an average of 57 days on the market last year, remaining steady. Active listings increased 5.5 percent from 2016 to 2017.​