Texas real estate gains set promising pace

During the third quarter, there were 66,746 single-family home sales across the state.In third quarter, real estate throughout the Lone Star State experienced notable gains. These ranged from increased home sales to rising property values, and they are expected to continue in the near future.During the three-month period, there were 66,746 single-family home sales across the state, according to a report from the Texas Association of Realtors. This marked a 14.16 percent increase from the previous quarter.”Texas has been leading the nation economically and these third quarter results are more evidence that a strong real estate market is driving prosperity in our state,” said TAR chairman Joe Stewart.Meanwhile, median home prices rose 6.46 percent from a year earlier to $161,400, the report said. Rising property values may have been the direct result of a thinning inventory. In the third quarter, the entire state had just a 5.5-month supply, which was a 1.9 percent decline from a year earlier.On a local level, Houston real estate contributed greatly to the statewide gains. Local buyers in Houston and throughout the state should consider making the transition to homeownership, as these trends are expected to continue in the coming months.?? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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