Howdy fellow real estate enthusiast! As we start a new year I thought it would be appropriate to review housing trends for 2012. Recently the Texas Association of Realtors® released the Q2 2012 housing data. I’m going to take you through some of the highlights from this report and give you idea of the strength in the Texas real estate market.
In the second quarter of 2012, 67,334 single family homes were sold in Texas, which is 13.04 percent more than the second quarter of 2011. In addition, the median price in the second quarter of 2012 was $161,400, which is 7.45 percent more than 2011-Q2.
In addition to improvements in sales volume and median price in the second quarter of 2012, the “months inventory” figure improved. Indicating the balance between supply and demand in the real estate market, the Texas market featured 5.9 months of inventory in 2012-Q2, which is 2.2 months less than 2011-Q2. The Real Estate Center cites 6.5 months of inventory as a market in which demand is balanced with supply.
Gaines explained, “At 5.9 months of inventory, Texas is bordering on a sellers’ market. However, I think that is due as much to a decrease in supply – from fewerforeclosures, lack of new speculative home building and apprehensive homeowners not listing properties – as it is to increasing demand. Nonetheless, homebuyers should expect competition for desirable properties.”
As you can see the Texas real estate market is very strong. We are blessed to live in Texas and even more blessed to live in Aggieland were are local real estate market is out-pacing the state.
Please think of TM5 Properties for all of your real estate needs!