By David Tuma, The Belton Journal
Texas home prices hit an all-time high in the second quarter of 2015, while home sales remained strong amid high demand, according to the 2015-Q2 Texas Quarterly Housing Report released today by the Texas Association of Realtors.
“Even though it’s taking our homes a little longer to sell, I’m encouraged to see the real estate activity in our market. It has seemed like a good year and seeing our latest statistics for June it’s obvious that sales in our area are picking up!” Margo Wyatt Temple-Belton Board of Realtors President.
According to the report, Texas home sales increased 46.3 percent from 2015-Q1 and 4.7 percent year-over-year to 88,906 home sales. Killeen/Temple home sales increased eight percent in the second quarter of 2015 to 1,484 single-family home sales, while median price grew 9.2 percent to $146,500 during the same time frame.
During the same time frame, the median price for Texas homes increased 8.1 percent from 2014-Q2 to $200,000 and average price increased 9 percent year-over-year to $258,786. This is the first time the median price for Texas homes has risen to $200,000 and an all-time high for Texas home prices.
Monthly housing inventory continued to decline, falling 9.2 percent year-over-year to 3.8 months. Inventory is still firmly within a seller’s market, as the Real Estate Center at Texas A&M University estimates that a monthly housing inventory of 6.5 months is a level at which supply and demand for homes is balanced.
In Belton there were some encouraging statistics with home sales up 11 percent in June. Over 30 percent of the homes for sale in Belton were in the $200,000 to $500,000 range. In Copperas Cove home sales were down 12 percent with none of the homes for sale over the $200,000 range.
Home sold in Harker Heights were up 37 percent with 41 percent of the homes in $200-$500,000 range. Temple home sales were up 39 percent with only 15 percent of the homes in the $200-$500,000 range. Median home prices increased in Temple with slight decrease in Copperas Cove, Harker Heights and Belton.