Texas homes continued to hold their value as sales jumped up in the third quarter of 2011.
For the period of July through September 2011, the volume of single-family home sales in Texas was 58,019, nearly 18% more than the same quarter in 2010. Real estate prices remained flat in the third quarter with the median price statically unchanged from Q3-2010 at $151,800 and the average price down less than one percent to $197,833, according to the latest Texas Quarterly Housing Report issued by the Texas Association of REALTORS®.
“We expected a significant jump in sales this quarter because, this time last year, sales were artificially low due to the homebuyer tax credit that pushed demand into the second quarter. Overall, we are thrilled by the performance of the market this quarter and believe these results illustrate the strength of Texas’ housing economy,” said Dwight Hale, chairman of the Texas Association of REALTORS®.
Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University, also commented, “The market is starting to look like it did before the real estate boom and bust. Sales this quarter are comparable to levels in 2002 and 2003, indicating the market is returning to a more normal sales pace.”
Gaines continued, “Despite being behind the first half of the year, we expect the second half of 2011 to outperform last year, ending the year slightly higher than 2010.”
Michelle Castle provides mortgage loans to all of North Texas and Southern Oklahoma. Call Michelle Castle at (903) 892-1998 if you are looking for a home loan in North Texas and Southern Oklahoma.