July 25, 2019
Texas’ monthly housing inventory increased during Q2 2019, according to the “2019-Q2 Texas Quarterly Housing Report,” issued by Texas Realtors. The 4.1 months of inventory reported was an increase from the 3.8 from Q2 2018. The housing market is considered in balance with six months of inventory.
Sales increased by 1% to 101,896 from the year before, while the statewide median price was $245,000, a 2.9% increase. Active listings were also up, hitting 116,950 listings, a 7.5% year-over-year jump.
James Gaines, chief economist with the Real Estate Center at Texas A&M University, indicated that home sales growth would remain strong in Q3 2019, given the projected lower interest rates. “Statewide, we’re seeing more of a separation in sales activity between large cities, compared to medium and smaller cities due, in part, to increased population and job growth concentrated in the major markets,” he added.
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