The Texas real estate market continued to show positive signs in the third quarter, which could signal that the recovery is sustainable, according to the Texas Association of Realtors.
The Texas Quarterly Housing Report showed there were a total of 66,746 single-family homes sold in the third quarter, a 14.17 percent jump from the same quarter a year ago. The median price of one of these homes was $161,400, which was a 6.46 percent year-over-year improvement.
"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 Joe Stewart, chairman of TAR.
Texas has also seen a decline in inventory, as the report said there is currently a 5.5 months supply of homes, which is 1.9 months less than the same time last year and fifth straight quarter in which inventory has declined.
Numerous factors have contributed to a declining inventory, including many homeowners unwilling or unable to put their homes on the market due to a lack of equity and record low mortgage rates creating an increased demand.