The Texas Real Estate Market

Where is the Texas real estate market headed?
The Texas real estate market continues to show marked improvements over last year, according to the 2012-Q2 edition of theTexas Quarterly Housing Report released yesterday. Here are some highlights from the report:

• The median sales price of Texas homes in the second quarter of 2012 was $161,400, which is 7.45% more than 2011-Q2.
• The average sales price had a similar jump, up 7.13% from second quarter 2011, to $213,674.
• In addition to statewide improvements in sales volume and price, the “months inventory” figure improved. Indicating the balance between supply and demand, the Texas market featured 5.9 months of inventory in 2012-Q2, which is 2.2 months less than 2011-Q2. The Real Estate Center cites 6.5 months of inventory as a market in which demand is balanced with supply.
• In the second quarter of 2012, 67,334 single-family homes were sold in Texas, 13.04% more than the second quarter of 2011.