Texas (PRWEB) October 24, 2012
Texas weathered the national recession better than the rest of the country. Affordable home prices and continued job growth in the state were major contributors to the survival of Texas’ economy and real estate market. Now, after several years of either flat or declining sales, the pendulum seems to have swung back to a sellers’ market. Residential real estate is on the rebound across the Lone Star State and, particularly, in Dallas and Houston.
With lower interest rates, higher prices, limited inventory and continued growth in the Dallas and Houston’s economies, local real estate agents and housing experts are saying the Texas housing market has turned in sellers' favor.
Home prices rose in May from April in all major U.S. cities, according to a report just out from the Real Estate Center at Texas A&M University. This, along with low interest rates, is a sign that increasing sales and tight inventories are supporting a statewide housing recovery.
The 2012-Q2 edition of the Texas Quarterly Housing Report issued by the Texas Association of Realtors corroborates Texas A&M’s Real Estate Center’s findings. Featuring 13 percent more single-family home sales than the same quarter of the prior year and a median price that was seven percent higher than 2011-Q2, the results demonstrate that Texas’ economic recovery is robust and widespread throughout the state.
In the second quarter of 2012, 67,334 single-family homes were sold in Texas, which is 13.04 percent more than the second quarter of 2011. In addition, the median price in the second quarter of 2012 was $161,400, which is 7.45 percent more than 2011-Q2.
This is good news for Texas homeowners who have been wanting to move into new homes, but who have been sidelined due to concerns about receiving full value or better for their current homes.
Perhaps most important for homeowners wanting to sell, the reports’ statistics have been consistent. Occasionally, results can be dominated by trends in Texas’ largest markets due to the large volume of real estate transactions; however, the trend of higher sale prices and lower interest rates is being seen throughout most of the 48 Texas markets included in the report.
In a sellers' market, several predictable trends occur. Prices begin to escalate, and homes start to sell more quickly. Combined with low interest rates, as seen in Texas markets, homes that would have typically remained on the market for several months or even longer will sell within weeks, days or even hours. In some popular markets, homes have buyers before they are even listed in the MLS system. With falling interest rates and rising prices statewide, homeowners can confidently begin to put their homes for sale with the hopes of seeing a return.
The Texas Quarterly Housing Report is issued four times per year by the Texas Association of Realtors with multiple listing service data compiled from 48 MLS systems in markets throughout Texas and analyzed by the Real Estate Center at Texas A&M University. The next report is scheduled for release by the Texas Association of Realtors on November 1.
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