BREAKING NEWS

Unilev Taps Stream Realty

58 Cities Drop Off Million-Dollar Home List

RNR Real Estate Briefs – HOU, AUS, DAL & more

Offices For Energy Transition

Partners Buys Former Hartman Properties

Griffin Partners Gains Tenants at Loop Central

REALTY NEWS REPORT - Logo

Banner
  • Home
  • Categories
    • Breaking News
    • Houston
    • Residential
    • New Development
    • People
    • Office
    • Multi-Family
    • Capital Markets
    • Texas
    • Retail
    • Hospitality
    • Industrial
    • Land
    • Lease Brief
    • Medical
    • National
    • Realty News Report
    • Trades
    • Uncategorized
  • Archive
  • Subscribe
  • The Ralph Bivins Project
  • About
  • Contact
FacebookLinkedinYoutubeEmail
REALTY NEWS REPORT - Logo

Economist: Sellers Market in Texas Will Continue for a Long Time

by Realty News ReportNovember 3, 2014
Share0

AUSTIN – With the inventory near record lows, sellers are going to control the Texas housing market for a long time, a Texas economist said in report by the Texas Association of Realtors.

Many consider a balanced housing market when the inventory stands at a 6 months supply. When the supply is much lower, it’s a sellers market; when reaches a 9 or 10 months supply it’s a buyers market.

According to the 2014-Q3 Texas Quarterly Housing Report released today by the Texas Association of Realtors, Monthly housing inventory in Texas increased on a quarterly basis for the second quarter in a row, rising 2.77 percent from 2014-Q2 to 3.7 months. While inventory is still down 7.5 percent compared to 2013-Q3, the Lone Star State’s year-over-year decreases in inventory have eased significantly from the sharp 20- to 30-percent drops experienced over the last two years.

However, it will be some time before Texas’ housing inventory returns to 6.5 months, the level which the Real Estate Center at Texas A&M University equates to a balanced housing market. Jim Gaines, Ph.D., economist with the Real Estate Center explains:

“Developers are building homes about as fast as they can, but continued shortages in labor and vacant developed lots are keeping homebuilders from increasing production even further,” said Gaines. “Combined with higher home prices and tough lending standards, the Texas housing market will remain very competitive for homebuyers into 2015.”

Home prices continued to increase at a steady, but slower pace in 2014-Q3. Median price increased 6.84 percent year-over-year to $188,900, while average price increased 5.91 percent from 2013-Q3 to $243,548. Only a few local markets are still seeing the near double-digit home price gains that Texas has experienced since 2012. In Texas’ major metros and statewide, home price increases have slowed to between five and nine percent year-over-year.

“The third quarter of the year is typically a much slower sales period – summer is over, school has started and families are staying put for the upcoming holiday season. That was not the case this year,” said Dan Hatfield, chairman of the Texas Association of Realtors. “Texas home sales continue to slightly exceed last year’s levels. If this trend continues, 2014 will surpass 2013 to become the second-best year ever for Texas real estate.”

According to the report, 80,851 Texas homes were sold in 2014-Q3. This is only 0.63 percent less than home sales volume in the previous quarter and 0.61 percent higher than home sales volume in 2013-Q3. While several local Texas markets have experienced slight declines in home sales in 2014, statewide home sales have remained steady due to much-needed gains in housing inventory and a continually strong housing demand.

Share0
previous post
RNR Apartment Briefs from Around the Nation
next post
AmREIT Updates a $1 Billion Redevelopment Plan of Uptown Park in Houston

Related posts

Unilev Taps Stream Realty

Realty News ReportMarch 21, 2023

58 Cities Drop Off Million-Dollar Home List

Realty News ReportMarch 20, 2023

RNR Real Estate Briefs – HOU, AUS, DAL & more

Realty News ReportMarch 18, 2023March 18, 2023

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Search News

Partners Ad
CBRE Ad
Arch Con Corporation Ad
Hines Ad
Avera Ad
Ziegler Cooper Ad
Lee & Associates Ad
2021 Realty News Report Ad
Property Logos
RNR - Lincoln Property Company
Hal Gordon - Property Tax Lawyer
Hunington Ad
Evergreen Commercial Realty
STREAM Ad
Hunington Ad

Let's Connect

logo
About US
Author Ralph Bivins is editor of Realty News Report, which covers regional and national news. Bivins recently received the Gold Award for Best Column in the National Association of Real Estate Editors Journalism Competition. Contact us
Follow us
FacebookLinkedinYoutubeEmail
@2022 All Right Reserved. Powered by CGS Digital Marketing
REALTY NEWS REPORT - Logo
FacebookLinkedinYoutubeEmail
  • Home
  • Categories
    • Breaking News
    • Houston
    • Residential
    • New Development
    • People
    • Office
    • Multi-Family
    • Capital Markets
    • Texas
    • Retail
    • Hospitality
    • Industrial
    • Land
    • Lease Brief
    • Medical
    • National
    • Realty News Report
    • Trades
    • Uncategorized
  • Archive
  • Subscribe
  • The Ralph Bivins Project
  • About
  • Contact