COLLEGE STATION (Real Estate Center) – Existing home sales across the state surged in February, reflecting a stronger market, an improving economy and “better weather than February last year,” said Real Estate Center Research Economist Dr. Jim Gaines.
“In some cases, the increased sales occurred within the lower-priced home market as mortgage lending requirements have improved,” Gaines said.
Sales in Texas last month were up 21 percent over February 2012, according to Multiple Listing Service (MLS) data compiled by the Center. The National Association of Realtors reported an 8.8 percent year-over-year jump in sales.
Median prices continued to be flat across the state as a whole, but they exhibited wide variation among individual markets, with some markets showing significant surges and others further declines.
“Median price in the four major markets (Dallas, Houston, Austin and San Antonio) were essentially flat, with more significant changes occurring in the smaller markets where large percentage changes can occur more easily,” Gaines said.