Sky-High Real Estate
The housing market in Texas is as hot as this summer heat. The latest quarterly housing report from Texas Association of Realtors (TAR) shows home sales have continued to increase across the Lone Star State for the hottest season to date.
Looking at the second quarter of 2016, the median home price in Texas grew to $215,000, a 7.5 percent increase from Q2 2015, and an all-time high for the state. In addition, active listings rose by 4.1 percent, while the number of closed sales hit 91,418 (up 4.4 percent) — the highest volume of Texas home sales ever.
“The last few months have been one of the strongest starts to the summer selling season in the history of Texas real estate,” says Leslie Rouda Smith, chairman of the Texas Association of Realtors, in a release.
“Texas homes of all types and price classes are in high demand. This is especially true for homes priced under $200,000, which are often preferred by first-time homebuyers but also in shortest supply across the state.”
Statewide, 45 percent of homes on the market during Q2 were affordably priced at less than $200,000. Forty-seven percent fell in the $200,000-$499,999 range and 8 percent were $500,000 or more.
In the Austin metro area, the median home price increased by 6.6 percent year-over-year, to $286,700. Active listings grew by 5.1 percent and closed sales grew by 8 percent. While these surges are making sellers happy, it’s becoming increasingly difficult for Austinites to find affordable properties.
Only 19 percent of homes in the metro area were priced at less than $200,000. A whopping 66 percent fell in the $200,000-$499,999 range, and 15 percent were priced at $500,000 or more.