The recently released Texas Association of Realtors Quarterly Housing Report showed home prices in Texas remained steady in the third quarter of 2011, which could be a direct reflection of the jump in home sales.
Texas home sales increased 18 percent in the third quarter when compared to the same time last year, which is an encouraging sign for many who thought the troubled economy would produce lower than usual numbers.
"We expected a significant jump in sales this quarter because, this time last year, sales were artificially low due to the homebuyer tax credit that pushed demand into the second quarter," said Dwight Hale, chairman of the Texas Association of Realtors. "Overall, we are thrilled by the performance of the market this quarter and believe these results illustrate the strength of Texas' housing economy."
According to the TAR, the third quarter numbers are the highest they've seen since 2002 and 2003.
For the three months ending on September 30, there were 58,019 single-family home sales, with an average sales price of $151,800.
According to FBI statistics, crime is down 6 percent in Texas, which may be a contribution to the increase in home sales.