Texas home sales and prices experienced strong growth during the first quarter of 2018, while housing inventory and active listings declined, according to the 2018-Q1 Texas Quarterly Housing Report released May 9 by the Texas Association of Realtors.
“The momentum from the end of 2017 has moved into 2018, as Texas homes continue to be in high demand,” said Kaki Lybbert, chairman of the Texas Association of Realtors. “This strong activity we’ve seen in home sales volume during the first quarter of 2018 is setting the stage for a strong summer selling season for Texas real estate.”
The 70,292 Texas homes sold in the first quarter this year represents an increase of 2.2 percent compared to the first quarter of 2017. Additionally, the median price increased 5.7 percent in the same time frame to $224,500. Among all homes sold in the first quarter, 29.1 percent were priced at $300,000 or higher, which is 1.9 percentage points more than in 2017. Meanwhile, sales of homes priced $299,000 and below saw a 1.7 percentage point decrease compared to the same quarter last year.
Compared to the same quarter last year, Dallas-Fort Worth-Arlington home sales increased 0.7 percent to 20,660 single-family home sales, while median price increased 6.2 percent to $258,000.
Statewide, Texas home sales increased 2.2 percent year-over-year to 70,292 home sales, while housing inventory dropped to 3.3 months, a 0.2 months increase from 2017-Q1.
More 2018-Q1 data on your local housing markets can be found in the full report alongside the statewide figures.
