Texas home sales soar, housing inventory declines in 2020’s third quarter

Local News

(AP Photo/Michael Conroy)

TEXAS (KAMR/KCIT) – According to Texas Realtors, the number of homes sold from July to September increased nearly 19 percent compared to the same time frame last year, according to a report of the third quarter of 2020 from the Texas Quarterly Housing Report.

“The Texas real estate market’s resiliency, especially in the middle of a pandemic crisis, is nothing short of incredible, though our housing supply is still critically low,” said Cindi Bulla, Chairman of Texas Realtors.

The housing inventory declined 1.3 months to 2.3 months with active listings declining 32.4 percent for homes spending an average of 52 days on the market, according to the Real Estate Center at Texas A&M a balanced market of supply and demand is 6.0 to 6.5 months of inventory.

“The Texas housing market experienced a strong push-through of demand from the second quarter into the third quarter. Active listings saw a sharp drop with many sellers hesitating to list their property in the middle of a pandemic. ” said Jim Gaines, Ph.D., and chief economist with the Real Estate Center at Texas A&M.

Gaines continued, “However, as the economy and employment numbers continue to recover, we anticipate end-of-year sales figures will be higher than 2019.”

Statewide, the median price increased 8.6 percent to $266,000. Of all homes sold 34.1 percent were priced from $200,000 to $299,000.

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