11-04-2013 08:18 PM

Texas’ housing market sees all-time highs, lows in third quarter

Texas' residential real estate market was red hot during the third quarter.

Between July and September 2013, 80,105 single-family homes were sold in the state of Texas, up nearly 19 percent from the same period a year ago.
According to the third quarter edition of the Texas Quarterly Housing report, a publication of the Texas Association of Realtors (TAR), that number was the highest amount of quarterly home sales since TAR began issuing the report in 2009.
"In the fall, Texas Realtors usually start to catch their breath as the summer selling season draws to a close, but not this year," said Shad Bogany, chairman of the Texas Association of Realtors. "Demand for Texas homes remains strong, keeping buyers and sellers in the market, and Texas Realtors, busy. This report is more evidence that competition for Texas real estate is fierce."
As of third quarter 2013, there was four months worth of housing inventory in the state — an historic low for the market, according to Jim Gaines, PhD., economist with the Real Estate Center at Texas A&M University.
“To have only 4 months of inventory in a market as large as Texas is remarkable,” Gaines says.
In Austin, homes sales in September began their cyclic autumn slide, with 2,391 homes sold that month compared to 3,082 sold in August — though sales in September were up 34 percent from a year ago.
Tricia Lynn Silva covers real estate, retail, construction, and law firms; she also plans and edits some special reports.

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