Texas real estate market finishes strong in 2012
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Transcript of Texas real estate market finishes strong in 2012
2/8/13 11:47 AMTexas real estate market finishes strong in 2012; consumer expectations rising for 2013
Page 1 of 2http://www.texasrealestate.com/web/2/25/
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Texas real estate market finishes strong in2012; consumer expectations rising for 2013Feb. 1, 2013
As a capstone to a year of accelerating momentum in Texas real estate, the fourth quarter of2012 featured the strongest increases in sales volume and price for single-family homes inTexas seen last year, according to the Texas Association of REALTORS®.
Citing results published in the 2012-Q4 edition of the Texas Quarterly Housing Report issuedtoday, the report shows increasing demand for Texas homes coupled with decreasinginventory, leading to rising prices and improving confidence among homeowners.
Shad Bogany, chairman of the Texas Association of REALTORS®, commented on theresults, “Texas REALTORS® saw a marked increase in the pace of home sales as 2012came to a close and homeowners are expressing a lot of enthusiasm about 2013.”
As featured in the report, 56,488 single-family homes were sold in Texas in the fourth quarterof 2012, which is 19.82% more than the same quarter of the prior year. In addition, themedian price was $159,200, which is 7.42% more than 2011-Q4. Those are the highestfigures for sales volume and price seen in a fourth quarter in Texas since the associationbegan issuing the Texas Quarterly Housing Report in 2009.
“This positive performance is evidence of a true rebound in Texas real estate that reachesbroadly around the state,” said Jim Gaines, Ph.D., economist with the Real Estate Center atTexas A&M University. “We’re moving briskly down the road to recovery, thanks to positiveeconomic activity in Texas and improvements in the attitudes homeowners have about themarket. Looking ahead, I expect to see that confidence inspire more buyers and sellers tojump off the fence and into the market this year.”
The fourth quarter of 2012 also marked the sixth quarter of decreasing inventory for theTexas real estate market, which is an indicator of the balance between supply and demandfor homes. The market featured 4.6 months of inventory in 2012-Q4, which is 1.8 months lessthan the same quarter of the prior year. In comparison, the Real Estate Center cites 6.5months of inventory as a market in which demand is balanced with supply.
Gaines explained, “Over the last year-and-a-half, we’ve seen steadily increasing demand forhomes, but falling numbers of listings. That has caused the inventory of homes to shrink andprices to begin rising. Those price increases could give sellers confidence, spurring them toconsider listing their homes in 2013.”
Chairman Bogany continued, “These strong results show that we’ve been successful makingTexas a great place to own a home. Now, we must help homeowners protect theirinvestments by preparing for the growth of our state. That means securing adequate watersupplies, investing in our roads, and adding capacity for energy from diverse sources.Fortunately, Texas REALTORS® are on the case this legislative session, advocating onbehalf of private-property owners all over the state.”
The Texas Quarterly Housing Report is issued four times per year by the Texas Associationof REALTORS® with multiple listing service data compiled and analyzed by the Real EstateCenter at Texas A&M University.
2/8/13 11:47 AMTexas real estate market finishes strong in 2012; consumer expectations rising for 2013
Page 2 of 2http://www.texasrealestate.com/web/2/25/
About the Texas Quarterly Housing ReportData for the Texas Quarterly Housing Report is analyzed by the Real Estate Center at TexasA&M University using statistics compiled from 48 multiple listing services in marketsthroughout Texas. The report includes data for single-family home sales over the course ofone quarter and is scheduled for release by the Texas Association of REALTORS® on thefollowing dates each year (or the next business day): Feb. 1, May 1, Aug. 1, and Nov. 1. Thisreport is issued to the media, local REALTOR® organizations, and published on the TexasAssociation of REALTORS®’ consumer Web site, TexasRealEstate.com.
About the Texas Association of REALTORS®With approximately 80,000 members, the Texas Association of REALTORS® is aprofessional membership organization that represents all aspects of real estate in Texas. Weadvocate on behalf of Texas REALTORS® and private-property owners to keephomeownership affordable, protect private-property rights, and promote public policies thatbenefit homeowners. Visit TexasRealEstate.com to learn more.