As the second business quarter of 2013 continues to see impressive figures posted, reports of successful first quarter may have laid the foundation for additional growth.
Multiple states across American noted substantial improvement in housing markets during the first three months of this year, and Texas was no exception. According to the Texas Association of Realtors's 2013-Q1 edition of its Quarterly Housing Report, 40 of the 48 total residential sectors statewide exhibited recent increases in home sales. Nearly 54,000 single-family homes were sold in the Lone Star State during the first quarter, marking an improvement of more than 17.5 percent over the same period in 2012.
"2012 was a strong year for Texas real estate and, based on these first-quarter results, 2013 looks to be even stronger. We've heard a lot about the growth of Texas and now we're starting to really see the impact on our real estate market," said Shad Bogany, chairman of the Texas Association of Realtors. "The word is out that Texas is a great place to live and these results are further evidence of that. Now, Texas Realtors are on a mission to ensure that remains the case and help our state provide for the needs of its homeowners today and far into the future."
The current spring home buying season may be continuing the trends observed last quarter, as the state's bolstering population levels and job growth could provide favorable conditions for further advancement. As homebuilders hurry to match the ever-increasing demand, real estate records show housing prices have seen significant rises amid slowly flagging inventories.
TAR officials announced the median sale price for a Texas home during the first three months of this year was $158,000, which is more than 7 percent more than the numbers seen during the first quarter of last year. Additionally, the average price was recorded at $204,718 last quarter, marking a level almost 7 percent above the first three months of 2012. Having fallen by 1.7 months year-over-year, the recent quarter's supply inventory was logged around 4.2 months.
New residential sales tick up during March
As mortgage records depict advantageous rates for Texas homebuyers, many could be looking for additional opportunities to purchase property, as new home sales improved nationwide in March.
The U.S. Department of Housing and Urban Development reported Sales of new single-family houses were totaled at a seasonally adjusted annual rate of 417,000 during March, exhibiting a 1.5 percent hike over February figures and an 18.5 percent rise over March 2012 numbers.