Texas home sales were up 13 percent in the second quarter and the median price rose 7 percent from a year ago, the Texas Association of Realtors said Wednesday.
"The momentum we saw in the first quarter of this year is continuing and we're seeing that now not only in increased sales volume, but also in a strong increase in the median price," said Joe Stewart, the association's chairman. "That is good news for Texas homeowners who have been thinking of moving up but who have remained on the sidelines because they're concerned about earning full value for their current home."For April through June, 67,334 single-family homes were sold in Texas, with a median price of $161,400.In Tarrant County:Arlington had 1,175 homes sold during the quarter, a 12 percent increase. The median price was $135,500, a 9.8 percent increase.In Fort Worth, 2,466 homes were sold, a 0.28 percent increase. The median price rose 8.7 percent to $119,600.In Northeast Tarrant County, 2,320 homes were sold, up 18.7 percent. The median price rose 6.2 percent to $179,300.Jim Gaines, a real estate economist at the Texas A&M Real Estate Center, which compiled the latest Texas Quarterly Housing Report, said increases in sales and median price were evident in most of the state's 48 submarkets.In addition to those increases, fewer homes are on the market, indicating a better balance between supply and demand.Statewide, the market had 5.9 months of available inventory in the second quarter, which ended June 30, 2.2 months less than the same quarter a year ago."Texas is bordering on a sellers' market," Gaines said. "However, I think that is due as much to a decrease in supply -- from fewer foreclosures, lack of new speculative home building and apprehensive homeowners not listing properties -- as it is to increasing demand. Nonetheless, home buyers should expect competition for desirable properties."Sandra Baker, 817-390-7727Twitter: @SandraBakerFWSTHave more to add? News tip? Tell us
