According to the most recent version of the Texas Quarterly Housing Report (Quarterly Housing Texas), the effects of the federal tax credits last year for homebuyers survived in the Texas real estate market in the second quarter of 2011.
As described in the report, sales of single-family homes totaled 58.795; 12 percent less than the same quarter of the previous year in which sales volumes were supported by tax credits for homebuyers, who were overcome.
Dwight Hale, chairman of the Texas Association of Realtors (Realtors Association of Texas), commented on the results: "While sales statewide have fallen compared with 2010, when the tax credits were having the greatest impact in our market, we are at par with the second quarter of 2009. Moreover, Texas has we dominated national headlines for its economic strength, which makes it clear that the recovery continues in our state. "
Jim Gaines, Ph.D., an economist with the Real Estate Center at Texas A & M University, also commented on the results:
"Given the impact of tax credits last year, not surprised to see fewer sales this quarter compared to last year. Anyway, I'm surprised to see that sales volumes were not further behind in respect of 2010" .
Real estate prices in the second quarter of 2011 indicate strength in the Texas market. . Median price was U.S. $ 150.400, one percent higher than the same quarter of 2010 the average price in the 2nd quarter of 2011 was U.S. $ 201.288; 4.6 percent higher than Q2 2010.
Gaines explained. "Increasing the average price of Texas homes indicates more activity among higher priced homes Homebuyers higher priced have been less affected by tighter mortgage lending standards and real estate have become an attractive vehicle for investment, due to instability in other investments like securities. "
He continued: "It is also important to note that the price stability of Texas is in stark contrast to many other parts of the country have shown sharp falls in the price of both the median and average."
Another important market indicator is the inventory of homes available for sale compared to the demand to buy houses. Measured in months, Texas had 8.1 months of inventory in the second quarter of 2011, compared with 7.2 months in the 2nd quarter of 2010. That's 12.5 percent higher-or just less than 30 days of additional stock-compared with same period last year.
As Gaines explained, several factors contribute to this change: "Based on how this figure is calculated, estimates of the demand for real estate is affected by the tax credits last year also new housing stock entering the market. as banks resume foreclosures that had been delayed by the investigations related to the practice of robo-signing (filing false court documents). overall, our inventory is just below what we consider to be a market balance. "
Gaines also commented on the general trends mentioned in the report: "More than in previous quarters, we see a great variability among the 47 Texas markets included in this report generally markets that showed the largest increases in sales volumes when it was. available tax credit are the same markets that now show the greatest decreases after it ended. As always, it is important that buyers evaluate their own local markets and even their own submarkets-up neighborhood level, in many cases to take action and informed purchase sale. "