Texas Market Reports Stable Prices, Increased Volume

Posted by Orb Staff on May 04, 2010 No Comments
Categories : Residential Mortgage

Existing-home sales volume in Texas rose in the first quarter, despite a drop-off in sales during January and February, the Texas Association of Realtors reports.

Sales volume for existing single-family homes was 42,682 for the first quarter – up 4% from the first quarter of last year. The median home price in Texas jumped from $137,200 in the first quarter of 2009 to $141,500 in the first quarter of 2010 – a 3.13% increase.

The Texas Quarterly Housing Report is issued four times a year by the Texas Association of Realtors, with multiple listing service data compiled and analyzed by the Real Estate Center at Texas A&M University.

‘First-quarter 2010 figures were up compared to 2009, despite sales being down in January and February,’ says Jim Gaines, an economist with the Real Estate Center at Texas A&M University, which helped analyze data for the report. The positive year-over-year gain was due solely to significant March sales being strong enough to bring up the whole quarter, he says.

‘With March's increased figures, we are cautiously optimistic that we'll continue to see positive results in the second quarter,’ he explains.

According to Gaines, several local multiple listing services reported a larger percentage of sales coming from foreclosed properties. Nonetheless, Texas has maintained a near-balanced market of 6.8 months of inventory, which is statistically unchanged from 2009, Gaines adds.

SOURCE: Texas Association of Realtors

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