How did the Texas real estate market perform in 2014?

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®. 

Read the full article here.
Source: Texas Association of REALTORS®. 

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REALTORS®: Six-Month Single Family Home Outlook “Moderate”

REALTORS’® confidence about the outlook for the next six months for single-family homes is still generally “moderate” in many states, according to the September  REALTORS® Confidence Index Survey: http://www.realtor.org/reports/realtors-confidence-index 

The graphs below show a measure of REALTORS’® confidence for the single family residential market on a state-by-state basis.[1]  An index above 50 indicates that there are more respondents who viewed their markets as “strong” or “moderate” compared to those who view them as “weak.” The higher the index, the more respondents there are with “moderate” or “strong” outlook. 

Many states had an index greater than 50, the highest in North Dakota and the District of Columbia, states with strong economic and job growth. 

REALTORS® Confidence Index: Outlook in Next Six Months for Single-Family Homes Based on July 2014-September 2014 RCI Surveys

Posted in Economist Commentaries, by Scholastica (Gay) Cororaton, Research Economist on October 28, 2014

Source

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