“Texas home sales in 2016 continue to edge out last year’s record-breaking sales volume, and in many local markets, growth is still very strong,” said Leslie Rouda Smith, chairman of the Texas Association of REALTORS®.
Housing inventory and active listings rose slightly—0.1 months to 3.9 months of inventory and 4.2% to 103,109 listings, respectively—while Texas homes spent an average of 53 days on the market, which is one more day than the same period last year.
In San Antonio, the median home price grew 7 percent, to $206,500. Home sales there also increased 7 percent from the previous year. The report also included an increase of 5.9 percent median average price to $206,500. To see the full report visit the Texas Association of Realtors here. One of the issues is inventory and with construction on the rise across San Antonio we expect to see inventory levels continue to increase as we head into 2017.
In Q3 2016, 91,248 homes were sold in Texas, a 0.2 percent increase from the previous year. At the same time, the median home price grew 7 percent, to $214,000. That's just a slight dip from Q2 2016, when the median home price hit $215,000, the highest ever for the state.
"Given the recent slowdown in the Texas economy, the performance of the Texas housing market in the third quarter is remarkable," says Jim Gaines, chief economist at the Real Estate Center at Texas A&M University, in a release. "The demand for housing in Texas continues to exceed supply, driving home prices upward."