Existing-home sales in Texas improve during July

Existing-home sales were up in Houston during July.According to Multiple Listing Services data compiled by the Real Estate Center at Texas A&M University, existing-home sales throughout the state improved during July.Overall, the report shows sales grew 18 percent from the previous year, with close to 19,630 properties being sold. The most transactions took place in Houston, where 5,544 homes exchanged deeds, representing a 17 percent increase from 2010. Dallas recorded the second-highest total with 4,064 existing-home sales, which is up 21 percent from last year. Wichita Falls had the best year-over-year increase, selling 181 properties, which was 74 percent more than the previous year.The median home price for existing homes sold during July was $153,200, which is down 1 percent from the previous year. The median value for Houston properties was $159,300, which grew 1 percent from the previous year. Harlingen recorded the greatest median price increase, as the value was up 12 percent to $88,300.Despite this gain, the region still has the largest inventory in the state, with 23.6 months worth of properties. Austin has the least amount with 6.5 months worth, followed by Fort Worth and San Angelo with 6.9 months of supply. Houston's inventory at the end of July totaled 7.7 months worth.Courtesy of 2M Realty News

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