Since 2007, at the height of the boom and the beginning of the bust, Texas homes sale prices have been relatively stable, fluctuating just a couple of points up and down. Texas home prices are now trending on the upside, reaching a median home price of $162,400 earlier in 2012.
The Real Estate Center at Texas A & M has determined that for Texas, 6.5 months inventory of homes for sale is a stable or balanced market. When inventory is below 6.5 months, prices will tend to rise more rapidly. Conversely, when inventories increase, prices tend to fall more quickly.
Dallas County's inventory of homes in November 2012 was 6.2 and Collin County's was 4.7.
The number of Texas homes for sale has declined in the past few years from a peak of 147,170 in May 2008 to 108,594 in May 2012. That significant reduction in inventory is now resulting in competing offers on the same home. Something we have not seen much since 2005.
The national housing market continues to improve as well. And with Texas still a growth capital for business, new homes are again growing. It's looking to be a pretty strong year for Texas again! According to MLS analysis 2012 sales were up almost 19% in Northern Dallas and Collin Counties.
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