Home sales in Texas were down during the first quarter despite a surge in active listings, according to new data from Texas Realtors.
The 70,944 sales that closed in the first quarter represented a 1.5% year-over-year decline, despite a 30.7% upswing in active listings. Active listings increased in all markets – among the state’s four largest markets, Houston had the most active listings with 33,374, up 38% from one year earlier.
Texas homes stayed on the market an average of 72 days, which was a one-week increase compared to the same period last year, while the 4.8 months of inventory was up by more than a month.
The median Texas home sales price for the quarter was $331,000, a mild 0.3% rise from one year earlier. Median home prices were up in 18 markets and down in eight.
“Buyers had more opportunities and a little more breathing room to consider their options in the first months of this year compared to last year,” said Christy Gessler, chairman of Texas Realtors. “But prices and sales did not shift much in either direction in most Texas markets.”
