Home/Mortgages/Texas Fourth Quarter Home Sales Improve from Last Year

February 17, 2012 (Shirley Allen)

Sales of existing single-family homes in Texas followed seasonal trends and declined from the third quarter of 2011 to the fourth quarter but were still over seven percent higher than a year earlier according to the latest data from the Texas Association of REALTORS® (TAR).

An estimated total of 46,764 existing single-family homes were sold in the Lone Star State in the fourth quarter. That was 19.4 percent lower than the 58,019 homes sold in the third quarter but still 7.2 percent higher than the 43,605 homes sold in the fourth quarter of 2010.

The median sales price for an existing single-family home in Texas fell 2.4 percent to $148,100 from $151,800 during the quarter and was almost unchanged from the median price of $147,400 in the fourth quarter of 2010.

Joe Stewart, chairman of the Texas Association of REALTORS®, stated, “It’s encouraging to see continued stability in the Texas real estate market heading into 2012. With increasing sales, stable prices and low mortgage interest rates, this report is more evidence that, in Texas, things are different … and better.”

The amount of homes available for sale declined to a 6.4 months supply in the fourth quarter, down from a 7.4 months supply in the third quarter and a 7.6 months supply in the fourth quarter of 2010.

Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University which analyzes the report for TAR®, said, “The fourth quarter of 2011 presents our first opportunity in several years to compare apples to apples because we are now looking back on a quarter unaffected by significant stimulus programs. With this clear view, we see stability and consistency compared to last year with the most significant change being in months of inventory.

For all of 2011, there were a total of 203,770 existing single-family homes sold in Texas, 0.4 percent higher than the 202,916 homes sold in 2010. It was the second consecutive year that yearly home sales surpassed the previous year’s total.

Tags: existing homes, condos, sales, median home prices, Texas

Texas Association of REALTORS®