Texas Association of Realtors Says Home Sales Rose 5.5%

Wonderful houseMore than 166,000 homes in Texas changed possession during the first half of 2017, according to the Texas Association of Realtors’ 2017 Texas Real Estate Midyear Review Report.

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Property Sales

The report showed sales volume, prices and listings activity posted strong growth during the six-month period. Home values also increased with the median sale price amounting to $221,800, up 7.7% year over year.

On the other hand, residential property listings increased 5.9% to almost 100,000 active listings. In terms of the sales process, transactions took around 58 days on average prior to closing a deal. While the increase indicated a strong first half, the impact of Hurricane Harvey could lead to slowdown in the remainder of the year, according to Texas Association of Realtors Chairman Vicki Fullerton.

Harvey’s Damage

Fullerton said that the state’s real estate industry has been working with other groups to hasten rebuilding operations. However, the storm’s damage may affect sales particularly in cities such as Houston, according to Jim Gaines, chief economist of Texas A&M University’s Real Estate Center (REC).

The city accounts for an estimated 25% of the state’s housing market, so any slowdown will be a significant dent to the sector, Gaines added. Still, the city’s economy would weather the storm and “overcome it very quickly,” according to Mark Zandi, chief economist at Moody’s Analytics. Rebuilding efforts could even lead to economic growth.

Conclusion

The state’s residential property market may be headed to uncertain sales growth shortly, yet homeowners should consider all options if they want to sell their properties and relocate elsewhere.