Texas Housing Rebounds in July 2018
published on September 13, 2018
Housing sales in Texas rebounded in July 2018, with a record level of 29,456 homes sold in Texas through the Multiple Listing Service. This was a 3.8 percent increase over July 2017, with most of the improvement found in homes in the $200,000 to $300,000 range but demand strengthening across the price spectrum, according to Texas Housing Insight by the Real Estate Center at Texas A&M University. This increased demand ended a four-month stretch of inventory increases.
Construction for single-family homes increased 6.3 percent year to date, with Texas leading the nation in new home construction permits issued. Texas new housing permits accounted for 16 percent of the nationwide total. While Houston and Dallas-Fort Worth topped the state in number of permits, at 3,589 and 3,144, respectively, Austin experienced a decade high in monthly permits with a 35 percent increase year to date based on 1,819 permits in July. San Antonio also experienced a decade high but was still below its pre-recession peak, at 743 permits.
Housing inventory for the state of Texas decreased to 3.6 months. The report states a “drastic spike in MLS listings to start the year had supported the marginal inventory relief” but momentum “dissipated as the rate of new listings normalized.”
Austin experienced the “starkest correction” in inventory in July 2018, decreasing to below 2.5 months. Dallas had 2.8 months of inventory, Houston had 3.8 months, and San Antonio had 3.3 months.
Overall housing sales were up 3.8 percent in Texas in July 2018. Fort Worth home sales increased 7.2 percent to a record high of 3,113, San Antonio sales increased six percent, and Houston sales increased 1.3 percent. Austin and Dallas are negative in home sales for the year, but increased 3.2 percent and 2.4 percent for the month.
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