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Steve Young
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Steve Young
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Steve Young
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Steve Young
I’m here to make the homebuying process go…
I’m here to make the homebuying process go smoothly so you don’t have to worry. Interested in buying a home? Send me a message – I’m here to help! #thehelpfulagent #househunting #listreports #home #houseexpert #realestate #realestateagent #icanhelp
Steve Young with RE/MAX 817-276-5149/steve@steveyoung.pro -
Steve Young
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Steve Young
Some Good News
Texas housing sales remain strong despite pandemic
Jul 23, 2020
AUSTIN – The mandatory shelter-in-place orders related to COVID-19 caused Texas home sales to decline in 2Q2020, while median price increased, according to Texas Realtors’ Texas Quarterly Housing Report.
Home sales declined 9.9 percent to 91,970 homes sold. Statewide, the median price increased 2.9 percent to $252,000.
Of all the homes sold last quarter, 34.6 percent were priced from $200,000 to $299,999, the highest share of sales among all price-class distributions.
“With COVID-19 and the mandatory shut down, the Texas housing market performed as expected in Q2,” said Real Estate Center Chief Economist Dr. Jim Gaines. “We have a tighter market compared with last year, causing prices to remain high. However, in June we saw demand pick up with buyers becoming more active and taking advantage of the low interest rates.”
Active listings declined 22 percent to 88,337 listings. Texas homes spent an average of 57 days on the market during the same time frame, five days more than second quarter 2019.
Housing inventory in Texas declined 0.9 months to three months of inventory. The Real Estate Center considers six to 6.5 months of inventory a balanced market.
“The housing market is one of the few segments of the economy that has held strong,” Dr. Gaines concluded. “Barring another shutdown, we anticipate it to perform reasonably well in Q3.”
The Real Estate Center has a wealth of economic information online for free. 
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Steve Young
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Steve Young
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Steve Young
Texas home supply smallest in 3.5 years
COLLEGE STATION, Tex. (Real Estate Center) – Empty shelves at the supermarket are not the only shortage created by the pandemic. Homes are in short supply, too.
“Unless a buyer is looking for a luxury home, there are fewer to choose from,” says Dr. Jim Gaines, chief economist for the Real Estate Center at Texas A&M University. “Texas’ months of inventory fell to a historic 3.2 months in May as the state’s supply of active listings plummeted to its lowest level in three-and-a-half years.” Researchers consider a six-month inventory a balanced market.
Sales of homes priced less than $300,000 continue brisk, said Gaines. The Texas inventory of homes in that price range slid to an all-time low of 2.4 months, according to the Center’s latest Texas Housing Insight report.
While closings for luxury homes (those priced more than $500,000) fell, the supply of unsold homes in the higher price range increased for the first time this year. The supply of luxury homes stands at 7.6 months.
“This disparity exemplifies the shortage of affordable housing during a time when the rocky economic atmosphere may make lower-priced homes look more financially feasible to the potential homebuyer,” said Gaines.
Active listings fell the most in Central Texas. After increasing for two months, Austin’s inventory fell to 1.9 months. San Antonio’s inventory reached a historic low of three months. In Dallas and Fort Worth, inventories decreased to 2.6 and 2.4 months, respectively. At 3.4 months, Houston’s inventory of unsold homes was slightly above the state average.
Reduced showing and visiting of homes during March and April translated to slightly softer housing demand, notes the Center’s monthly report. On average, a Texas home is on the market 61 days, longer than it has been in a year.
Homes in Houston and San Antonio sell in an average 62 and 63 days, respectively. In Austin, homes are on the market an average of 55 days, six days longer than the previous month. In North Texas, the average days on market are 57 in Dallas and 50 in Fort Worth.
For more information, read the latest Texas Housing Insight.
Funded primarily by Texas real estate licensee fees, the Real Estate Center was created by the state legislature to meet the needs of many audiences, including the real estate industry, instructors, researchers, and the public. The Center is part of Mays Business School at Texas A&M University.
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For information on the Real Estate Center, contact Senior Editor David S. Jones at 979-845-2039 (voice), 979-845-0460 (fax) or d-jones@tamu.edu. Or contact Managing Editor Bryan Pope, 979-845-2088 (office) or b-pope@tamu.edu.
Thousands of pages of data are available at the Center’s web site. News is also available in our twice-weekly electronic newsletter RECON, our Real Estate Red Zone podcast, our daily NewsTalk Texas feed, on Facebook, on Twitter, on LinkedIn, and on Instagram. To request a free press subscription to our quarterly flagship periodical TG magazine, contact David Jones at the e-mail address above.
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Steve Young
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