The level of home sales in Texas during the first quarter was unchanged from one year ago despite a spike in listings, according to new data from Texas Realtors.
A total of 72,361 home sales occurred during the first three months of the year in Texas, roughly identical to the first quarter of 2023. While transaction activity was flat, Texans had a greater choice – active listings increased 33.7% year-over-year.
The first quarter statewide median price of $330,950 was 1.6% higher than in the same period during 2023. The Median price went up in 19 Texas metros – most notably Odessa (11.2%), Midland (9.5%), and Texarkana (8.5%) – and was down in six metros. But no metro had a median price decrease of more than 2.3% compared to a year ago.
Homes spent two fewer days on the market statewide compared to the same period last year.
“Market conditions vary by location, and about forty percent of Texas metro areas actually saw an increase in sales compared to the first quarter last year,” said Jef Conn, chairman of Texas Realtors. “However, the number of homes listed went up nearly across the state. This will give many buyers more options than they had in the past several years.”
“Realtors are working with buyers and hearing from lots of others who are considering buying,” added Conn. “During the pandemic, buyers often were rushed, trying to compete with many other offers. Now, most buyers have a little more time to vet properties and make an offer. While interest rates have remained stubborn, there are good opportunities for buyers. For sellers, prices have held up compared to a year ago, signaling good opportunities to sell.”
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