Texas homes hit historic highs, inventory at historic low

TEXAS – The inventory of homes for sale in Texas has reached an all-time low and is down to a four-month supply, according to the Texas Association of Realtors (TAR).

At the same time, home prices and sales reached their highest level ever in third quarter 2013. Home sales in 3Q 2013 surged 18.9 percent from a year ago and the median price increased by 10 percent.

According to the Texas Quarterly Housing Report, 80,105 single-family homes were sold in Texas in 3Q 2013.

This high demand has shrunk the inventory of homes to a four-month supply, which is nearly 28 percent less than 3Q 2012. At that time, the state had a 5.5-month supply.

Source: Texas Association of Realtors

Check out TAR’s report and others at the Real Estate Center’s Market Data Sources.