The summer heat is here all across Texas, and according to the most recent Texas Quarterly Housing Report, the state’s summer selling season got off to a red hot start as well. 2016’s second quarter proved to be a very strong one not only for the Texas housing market as a whole, but also for the greater Houston area. Single-family homes sold and median home prices rose both statewide and in Houston.
Texas home sales during 2016’s second quarter rose to 91,418, which was an increase of 4.1 percent over the second quarter of 2015. Median price for this year’s second quarter was $215,000, which amounts to a noteworthy 7.5 percent increase over the same period last year. While the number of active listings across the state increased 4.1 percent year-over-year to 98,495, inventory remained at 3.7 months supply. The unchanged inventory level, despite a rise in the number of active listings can be contributed to the strong demand for homes statewide.
Houston’s second quarter numbers echoed much of what we saw in Texas as a whole. Houston home sales saw a year-over-year increase of 2.2 percent, while median home price swelled to $225,000, a 2.5 percent increase compared to 2015’s second quarter. The biggest difference between Houston numbers and statewide numbers had to do with inventory. Where Texas’ inventory levels as a whole remained the same year-over-year, Houston’s second quarter inventory levels grew a considerable amount from 3.1 months supply to 3.7 months supply. Moreover, the number of active listings in Houston jumped up to 24,302, a 19 percent increase over last year’s second quarter.
There’s no denying that this year’s second quarter was a strong one for Houston and the state of Texas as a whole. Leslie Rouda Smith, chairman of the Texas Association of REALTORS®, contends, “the last few months have been one of the strongest starts to the summer selling season in the history of Texas real estate.” Looking ahead, if the numbers continue on this path for the rest of the summer, we could be in for a truly historic summer selling season.
Buying or selling a home or simply want to discuss the market? Give me a call at 713.829.3052 or email me at cynthia@cynthiamullins.com.
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