Statewide sales indicate strong Texas housing market

Home sales in Texas have remained relatively strong.Data from the Texas Association of Realtors finds that while numbers from the first quarter are still somewhat below their levels from last year, the state is still giving a strong showing, given the effects of the recession.According to the report, there were more than 41,000 home sales during the first three months of the year. However, those numbers were 7.3 percent below what the market experienced during 2010's first quarter. Economists blamed the impact of the federal tax credit.”In evaluating the first quarter of 2011, we must remember we're comparing it to the first quarter of 2010,” Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A&M University. “That time period included March, which was one of the most heavily government-stimulated months of the year by the homebuyer tax credit.” Gaines added economists had actually expected a larger drop-off than what was actually seen.The median sales price during the quarter was up 1.3 percent compared to the same time period last year.Rising prices is also something that has been seen in the Houston real estate market. According to the Houston Association of Realtors, the average home price in March was the highest ever for that month in the city.Courtesy of 2M Realty News

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