2014 was a historically good year for Texas home sales. Quite impressively, the state’s home sales to this point in 2015 have actually been better than in 2014. In fact, according to the Texas Quarterly Housing Report for the third quarter of 2015, the state is likely to pass the record number of home sales set in 2007. Texas Association of REALTORS® Chairman Scott Kesner says “at this current pace, 2015 could very well surpass 2007 as a record year for Texas home sales.”

The 91,704 single-family homes sold in the state during the third quarter of 2015 represents a notable 7.8 percent increase over the third quarter of 2014. Number of sales are not the only market statistic that are rising significantly though. The statewide median price for single-family homes during this year’s third quarter rose to $199,900. That is 7.7 percent higher than during the third quarter of 2014. Months of inventory rose slightly, going from 3.9 months supply during last year’s third quarter to 4.0 months supply during 2015’s third quarter. In addition, the number of active listings during the quarter increased 7.6 percent from the same time last year. Even with the notable increase in active listings, days on the market actually dropped from 57 during the third quarter of 2014 to 51 this year.

Houston sales numbers for the third quarter were quite good as well. The 23,109 homes sold in the quarter amounts to a 1.3 percent increase over the number of homes sold during the third quarter of a very strong 2014. This was also the second largest of any metro area in the state. Houston only trailed Dallas-Fort Worth which sold an impressive 28,074 homes during this year’s third quarter. That number meant a substantial 8.9 percent year-over-year increase. Median home price for Houston single-family homes, much like in the rest of the state, rose a meaningful amount. It was up to $215,000 during the third quarter which is a 6.5 percent increase over 2014’s third quarter.

The good sales numbers for Houston are rather remarkable considering the number of available homes in the city is rising significantly. The number of active listings during the third quarter climbed a whopping 28.2 percent year-over-year. Months of inventory for the third quarter, while still below the statewide number of 4.0, was up to 3.4 months supply from 2.7 months during the same period last year.

Looking to buy or sell a home, or just have questions about the market? Always feel free to contact me at 713.829.3052 or cynthia@cynthiamullins.com.

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