During the second quarter, the state’s housing market showed quarterly gains in housing inventory for the first time in three years, according to the Texas Association of Realtors’ latest housing report.
The report showed that monthly housing inventory increased from an all-time low of 3.4 months in first quarter 2014 to 3.6 months last quarter. While this figure is still a year-over-year decrease of 12.19 percent, it marks the first time since 2011 that housing inventory has increased on a quarterly basis.
“The development of new homes and vacant lots is on the rise throughout Texas and, as a result, we’re seeing much-needed gains in inventory,” said Real Estate Center Research Economist Dr. Jim Gaines.
However, Gaines said the state is still facing an inventory shortage.
“A steady, ongoing supply of new housing stock — particularly in the first-time and move-up buyer market, where a majority of home sales volume occurs — will be crucial to Texas housing market growth in the second half of 2014 and in the future,” he said.
Sales, meanwhile, increased 46.7 percent from the first quarter and 1.1 percent year-over-year to 81,272.
Median price increased 5.9 percent from a year ago to $187,300. Average price increased 5.3 percent year-over-year to $246,209.
Source: Texas Association of Realtors