COLLEGE STATION – While existing-home sales rebounded at the national level, they dropped by a seasonally adjusted 2 percent in Texas.
Across the state, the lack of available homes suppressed resale activity in March, particularly in North Texas and Houston. Fort Worth closings fell 7 percent year over year, down 10 percent since November 2017.
Statewide existing-home inventory sits at a record-low 3.1 months. The Real Estate Center considers a six- to 6.5-month supply a balanced market.
Existing homes averaged just 52 days on the market as economic growth fueled housing demand, driving the median price to a seasonally adjusted $223,676, a record high for Texas. Rising home values and mortgage rates have yet to stifle intense demand.
For February 2018 housing data, read last month's Texas Housing Insight. March 2018 data will be published in the coming weeks. Subscribe to email notifications to get notified when the report is updated.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.