TAR: Texas housing inventory sees rare increase in 2Q 2014TAR: Texas housing inventory sees rare increase in 2Q 2014https://www.recenter.tamu.edu/news/newstalk-texas/?Item=34402014-08-07T13:18:00Z2014-08-07T10:57:00Z

TEXAS - The Texas housing market showed quarterly gains in housing inventory for the first time in three years in second quarter 2014, allowing home sales to keep pace with 2013’s strong levels while home prices continue to increase from high demand.

The 2Q 2014 Texas Quarterly Housing Report released by the Texas Association of Realtors (TAR) shows monthly housing inventory increased from an all-time low of 3.4 months in 1Q 2014 to 3.6 months in 2Q 2014.

“The statewide housing inventory shortage to date in 2014 has prevented Texas from seeing the double-digit increases in home sales growth that we saw last year, so this new increase in inventory is promising,” said Dan Hatfield, chairman of the TAR.

“However, home sales volume continues to keep pace with 2013 — the second-best year ever for Texas real estate — showing that housing demand continues to be very strong throughout the state. While this figure is still a year-over-year decrease of 12.2 percent from 2Q 2013, it is the first time since 2011 that housing inventory has increased on a quarterly basis," Hatfield said.

This gain in housing inventory led to a strong start for the 2014 summer selling season. In 2Q 2014, Texas home sales increased 46.7 percent from the 1Q 2014 and 1.1 percent year-over-year to 81,272 homes sales. 

In the same time frame, the median price for homes increased 5.9 percent from 2Q 2013 to $187,300 and average price increased 5.3 percent year-over-year to $246,209.

“Texas is facing an inventory shortage. A steady, ongoing supply of new housing stock — particularly in the first-time and move-up buyer market, where a majority of home sales volume occurs — will be crucial to Texas housing market growth in the second half of 2014 and in the future,” said Dr. Jim Gaines, economist at the Real Estate Center at Texas A&M University.

Texas Association of REALTORS
https://www.texasrealestate.com/news-releases/release/texas-housing-inventory-increases-for-first-time-since-2011-home-sales-remaRead more at {Source}

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