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89
percent from the year prior, to $223,990.
e average sale spent just shy of two months
on the market last year. According to the report,
Texas overall had about three months of inven-
tory in rotation by the end of Q 4. In Q 4 itself,
that was a 0.1 percent dip. A stable inventory
should be about six months. Active listings
increased 5.5 percent from 2016 to 2017.
e strongest growth in median prices
occurred in the Dallas-Fort Worth metroplex,
where a third of houses for sale last year closed
between $200,000 and $300,000. About two-
thirds of Texas houses were occupied by the
owner at the end of the year.
Lybbert attributed the strong growth to
the sizable influx of residents and job growth
across the state last year.
"With more than half a million people
moving to the Lone Star State each year,
we anticipate the Texas housing market will
remain a hotbed for activity," she said.
Jim Gaines, Chief Economist with the
Real Estate Center at Texas A&M University,
said the year ahead should stay strong.
"Across the state, we are projecting sales
activity to be even more robust in 2018," said
Gaines. "One of the big drivers will be from
first-time homebuyers finding opportunity in
the market with more builders focusing on the
entry-level price point and lenders relaxing
the requirements for first-time homebuyers.
Additionally, the likelihood of more volatile
interest rates in 2018 will influence homebuyers
to buy now rather than later."
While Lybbert said she was happy with
the strength of Texas' 2017 market, she also
echoed what many housing insiders say about
continuously rising housing prices nationally—
namely, that affordability needs to be guarded.
"e Texas housing market remains in such
high demand that we continue to see low levels
of housing inventory and strong increases in
home prices," said Lybbert. "While that con-
tinues to be good news for property owners,
Texas Realtors will also continue to advocate
for affordable options for all Texans."
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is the percentage of middle-
class homes on the market in
Austin, Texas, as of April 2018
Source: Realtor.com article "Sky-High Prices Got You
Down? Here Are the Top Middle-Class Housing Meccas,"
published April 2018
STAT INSIGHT
70%
