The Texas real estate market is still red-hot, according to the latest Texas Quarterly Housing Report. In fact, the report reveals that statewide home prices hit an all-time high in the second quarter of 2015, with Dallas-Fort Worth-Arlington scoring the biggest increase of them all.
In DFW, the median home price has increased 13.4 percent from the second quarter of 2014; Corpus Christi and Waco are each close behind, with 13.3 percent. Here, the average home price is now $220,000. with the majority (47.55 percent) of available inventory falling between $200,000 and $500,000.
Throughout Texas in general, home prices have increased to $200,000, up 8.1 percent. A total of 88,906 homes were sold, a whopping 46.3 percent increase from the first quarter of 2015.
"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," notes the Texas Association of Realtors.
"The impact of lower oil prices continues to be delayed, leading to a surprisingly strong second quarter. In fact, Texas home sales are actually stronger than they were this time last year, when oil prices were nearly $100 a barrel," explained Scott Kesner, chairman of the Texas Association of Realtors.
"This is further evidence of the strong and enduring demand for Texas real estate."