For the first time since 2012, the number of home sales in Texas declined on a quarterly basis. The Texas Quarterly Housing Report for the third quarter of 2017 released by the Texas Association of REALTORS® shows Texas home sales volume declined 0.3% year-over-year to 91,401 home sales.
“As anticipated, the aftermath of Hurricane Harvey has had a significant impact on our state’s housing market this fall, as many Texans were forced to postpone their goals of buying or selling a home in order to deal with devastation in their homes and communities,” said Vicki Fullerton, chairman of the Texas Association of REALTORS®. “Declines in local market home sales across the state in the third quarter were largely concentrated in regions impacted by Harvey, including the Houston area and local markets along the Texas coast.”
The median home price in the third quarter was $225,000, an increase of 5.6% compared to the same period in 2016. The number of homes sales under $150,000—the Real Estate Center at Texas A&M’s threshold for affordable entry-level homes—dropped to 44.5%, a year-over-year decrease of 0.7 percentage points.
At four months of inventory, statewide housing stock remains below the Real Estate Center’s benchmark for a balanced market while marking a slight increase of 0.2 months over the third quarter of 2016. Active listings stood at 109,961, a 7.4% year-over-year increase. The average time on market for Texas homes was 52 days during the third quarter.