New and pending home sales in Texas’ four biggest markets increased in July thanks to stable asking prices during the month, including those for Austin and Rockport homes.
Aside from the Austin region, sellers in Houston, Dallas-Fort Worth, and San Antonio offloaded properties faster in July, as listings went off the market for a shorter period of time compared to June.
Compiled data from the Houston Association of Realtors, North Texas Real Estate Information Systems, San Antonio Board of Realtors, and the Austin Board of Realtor showed that average pending new home sales reached 3,428.33, which was the highest average over the last 12 months.
Prices across the state also stabilized in July, as values fell to $366,383 from $367,073 month over month. The figures reflected the U.S. Commerce Department’s report on new home sales for June, indicating that the Texas market aligned with national price movement.
In Austin, however, home prices in July rose partly because of an uptick in sales, according to the Austin Board of Realtors.
Austin property sellers sold 2,892 single-family houses in the previous month, which is up by 2.8% year over year. The Austin Board of Realtors tracked data from five counties in the Austin region, where half of the monthly sales figure sold for more than $301,332. The increase in sales led to a 5.2% increase in the median price as well.
Rising demand caused the median value to increase, according to Brandy Guthrie, Austin Board of Realtors president. Still, homebuilding activity in Williamson and Hays Counties among other areas have pushed the housing supply to its highest level since 2012, Guthrie said.
The improving housing market in Texas means more buyers had more options for their home purchases in July. Amid stabilized prices and lower values, where do you intend to buy houses in the state?