Q1 Texas Quarterly Housing Report is good news bad news

Housing Report – Home Prices Up Inventory Way, Way, Down

The good news for homeowners across Texas is average selling prices are up 6.99% year-over-year. Bad news is the months of inventory is down 8.82% year-over-year to 3.10 months supply of housing inventory. A normal balanced market is 6 months of inventory calculated by dividing the amount of listed, unsold homes on the market by the amount of sold properties within the month. What this report shows is unit sales accelerated while the number of homes coming on the market disproportionately declined. In the Dallas county market, the average home price is up 8.85% and inventory is down a whopping 18.18% to 1.8 months of inventory. Collin County, Denton County, Fort Worth and other Northeast communities follow the same trend with Garland leading the state with less than one month (.9 months) inventory. I attribute the Garland shortage to the fine reputation of its schools that are highly sought after. Falling oil prices and weakening job markets may have contributed to Houston’s increase in home inventory bucking the trend of other big markets.  This is a scary market for buyers and sellers. Great news if you are selling and leaving Texas. See our detailed discussion in our post at Real Estate – A game of musical chairs.  You have to ask why anyone would pay 6% to sell their home in a seller’s market like ours. If you are considering selling your home check out our flat fee MLS and discount full service MLS listing products at DFWCityhomes MLS Listing Services and save thousands in real estate commissions. The Texas Quarterly Housing Report is a composite of 50 Texas housing markets compiled by the Real Estate Center at Texas A&M University. Source: Texas Quarterly Housing Report

  • Texas home sales up 4 percent in first quarter, prices rise 8.8 percent