TEXAS - Year-over-year home sales were up 5 percent in April and the median price of a home was up 9 percent.
“The impact of the decline in oil prices on Texas housing markets as a whole has not been as great as feared so far,” said research economist Dr. Jim Gaines of the Real Estate Center at Texas A&M University.
Home prices will continue to rise as long as demand stays high and inventory remains low, Texans should expect home price increases to continue.
Months of inventory was 2.9 months in April in Houston, which is higher than the same month last year.
*Six (6) months of inventory is considered a balanced market.
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