Texas housing market robust but slowing

​​AUSTIN – Texas home sales remained strong during second quarter 2019, while monthly housing inventory increased, according to the latest Texas Quarterly Housing Report by Texas Realtors.

Last quarter, 101,896 homes were sold across the state, a 1 percent increase over the year. The statewide median price increased 2.9 percent to $245,000. 

Of all the homes sold in the second quarter, 32.7 percent were priced from $200,000 to $299,999, the highest share of sales among all price-class distributions. Homes priced from $100,000 to $199,999 represented the second-highest share of sales with 26.7 percent.

"While the Texas housing market remained strong in Q2, our markets began slowing down in terms of transaction volume coupled with tight housing inventory," said Real Estate Center Chief Economist Dr. Jim Gaines. “Statewide, we’re seeing more of a separation in sales activity between large cities compared with medium and smaller cities due in part to increased population and job growth concentrated in the major markets. However, we anticipate home sales growth to remain strong in the third quarter of 2019 as a result of the projected lower interest rates and the continuation of the summer selling season.”

Active listings increased 7.5 percent from second quarter 2018 to 116,950 listings. Texas homes spent an average of 55 days on the market during the same time frame, one day more than last year.

Housing inventory in Texas grew to 4.1 months of inventory, an increase of 0.3 months. According to the Center, a market balanced between supply and demand has between six and 6.5 months of inventory.

For Texas housing activity data, visit the Center’s ​website.