A spike in home sales and sales prices in the last quarter of 2014 helped make it the second-best year ever for Texas real estate, according to the 2014-Q4 Texas Quarterly Housing Report released today.
Demand for Texas homes continued statewide through the final months of 2014, says Texas Association of REALTORS® Chairman Scott Kesner. "The fourth quarter of 2014 marked three-and-a-half years of continual home sales growth for the Lone Star State and the highest annual home sales volume since 2006 - a testament to the strong and enduring demand of Texas real estate."
Highlights from the report:
• 66,664 single-family homes were sold in Texas during the fourth quarter of 2014 - an 8.46% increase from the same time in 2013.
• Median sales price for Texas homes was $185,900 - a 7.76% increase from 2013-Q4.
• Average sales price increased 6.99% to $240,976.
• Statewide housing inventory hit an all-time low of 3.3 months. Markets with 6.5 months of inventory are considered to be balanced between supply and demand.
The report uses data from multiple listing services in markets throughout Texas. To see how your market performed in the fourth quarter of 2014, download the full report issued by the Texas Association of REALTORS®.
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Source: Texas Association of REALTORS®.