The Texas Association of Realtors latest quarterly report reveals that the Texas housing market has kicked off 2017 with a bang.
The important news for our Champions School of Real Estate students is that strong gains in sales volume and home prices were highlighted in the report, indicating that real estate professionals can look towards to a strong selling season into the summer months of 2017.
Report highlights include:
- Texas home sales volume increased 4.6% year-over-year to 68,420 sales.
- The median price for Texas homes increased 9.4% in the same timeframe to $213,325.
- The price distribution of Texas homes showed a decline in sales volume among lower-priced homes.
- Active listings increased 6 percent year-over-year to 98,399 listings in the first quarter of 2017.
Some quotes provided by the Texas Association of Realtors gave some excited insight into what lies ahead in the Texas market:
- “Texas leads the country in new home development, but its rapid pace of housing development is still not enough to keep pace with population growth and housing demand throughout the state. As Texas home prices and U.S. interest rates are projected to increase in 2017, now is an opportune time to buy a home in Texas.” - Dr. Jim Gaines, chief economist with the Real Estate Center at Texas A&M University
- “The growing shortage of lower-priced housing inventory is directly impacting the ability for Texas residents to afford a home. Texas Realtors have expert knowledge of affordability programs and financing tools available to Texas homebuyers. Homebuyers seeking to purchase a home this summer should begin working with a Texas Realtor now to determine what resources are available to them.” – Vicki Fullerton, chairman of the Texas Association of Realtors
Read the entire press release from the Texas Association of Realtors, here.