Texas A&M Housing Insight April 2019

COLLEGE STATION (Real Estate Center)

Texas surpassed a record-high 30,000 home sales in April 2019 as lower mortgage rates and the healthy labor market spurred demand across the price spectrum, according to the Real Estate Center’s latest Texas Housing Insight report.

Robust demand pulled Texas’ average days on market down to 60 days.

The recent spurt of demand pushed prices upward after a relatively

calm start to the year. Pricing pressures picked up but held well below peak growth levels.

The Texas median home price increased $2,000 to $238,000, surpassing 4.1 percent year-over-year growth for the first time since October. While still increasing, home prices are no longer soaring at double-digit levels as in 2017.

Austin and Dallas maintained the highest median price at $303,800 and $288,800, respectively, but remained on a flat trajectory. The Houston ($241,250) and Fort Worth ($237,100) medians maintained steady year-over-year growth at 2.2 and 3 percent, respectively, while San Antonio ($227,300) posted 4.3 percent growth.

According to the report, Texas’ robust economy and population growth support a favorable outlook.