Surging demand for Texas homes in first quarter combined with rising prices and shrinking inventory signal a red-hot real estate market for the remainder of 2013.
Overall Texas, first quarter 2013:
- 53,937 single family homes were sold, 17.53% more than first quarter 2012.
- Median sales price was $158,000, which is 7% more than 2012-Q1.
- Average sales price had a similar jump, up 6.87% from 2012-Q1, to $204,738.
- The “months inventory” figure remained firmly in sellers’ market territory, landingat 4.2 months in 2013-Q1, which is 1.7 months less than 2012-Q1. The Real Estate Center cites 6.5 months of inventory as a market in which demand is balanced with supply, indicating that demand continues to outpace supply in Texas, which could trigger more homebuyer bidding wars this summer.
These strong results were seen not only in statewide figures, but also broadly across nearly all of the 48 markets included in the report.
This is the 14th Texas Quarterly Housing Report issued by the Texas Association of REALTORS®, with MLS data compiled and analyzed by the Real Estate Center at Texas A&M University. This report covers real estate sales statistics statewide and in 48 Texas markets for the first quarter of 2013 with year-over-year comparisons.
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