Home sales inched lower in Texas during the third quarter, according to the latest edition of the Texas Quarterly Housing Report from Texas REALTORS®. 

Statewide, home sales were down 2.2% year over year, while the median price was flat, at $340,000. Meanwhile, active listings rose 30.4%, providing more options for prospective buyers. Given the pace of sales, that amounted to a 4.8-month inventory supply, compared to 3.6 months in the year-ago quarter. 

In the Houston-Pasadena-The Woodlands market, closings fell 4.1%, with the median price rising 1.5% to $340,000. Active listings increased by 30.9%, with 30,889 properties on the market during the quarter. Months of inventory rose to 4.4 from 3.3 months a year before, while average days on market rose by five days to 82. 

In the Dallas-Fort-Worth-Arlington market, closings dipped 0.1%, with the median price slipping 0.8% to $396,870. Active listings surged by 41%, with 30,046 properties on the market during the quarter. Months of inventory reached 4.1, up from 2.8 months a year prior, while average days on market rose nine days to 82. 

“Lower interest rates have made buyers and sellers more comfortable with entering the market,” said Jef Conn, chairman of Texas REALTORS®. “With more favorable financing options, buyers in many markets seem more willing to look, and sellers are more interested in making their properties available.” 

Courtesy of Texas REALTORS®.