Texas Home Sales, Prices Increase During First Quarter of 2018

Texas Home Prices Increase. Despite declines in inventory and active listings, there were 70,292 homes sold in Texas in the first quarter of 2018, an increase of 2.2% over the first quarter of 2017. The median sales price grew 5.7% to $224,500 in the same period, according to the 2018-Q1 Texas Quarterly Housing Report released 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.”Nearly 30% of homes sold in the first quarter of the year were $300,000 or more (a 1.9 percentage point jump year-over-year), while sales of homes for $299,000 or less dipped 1.7 percentage points. Active listings declined 2.9% from the first quarter of 2017 to 93,151 in 2018, and monthly housing inventory dropped 0.2 months to 3.3 months in the most recent quarter.

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