{"id":13138,"date":"2020-07-22T11:00:00","date_gmt":"2020-07-22T11:00:00","guid":{"rendered":"https:\/\/wordpress2.hdnweb.com\/2020\/07\/22\/covid-19-impacts-texas-home-sales-while-prices-rise-in-second-quarter-of-2020\/"},"modified":"2020-07-22T11:00:00","modified_gmt":"2020-07-22T11:00:00","slug":"covid-19-impacts-texas-home-sales-while-prices-rise-in-second-quarter-of-2020","status":"publish","type":"post","link":"https:\/\/wordpress2.hdnweb.com\/en\/2020\/07\/22\/covid-19-impacts-texas-home-sales-while-prices-rise-in-second-quarter-of-2020\/","title":{"rendered":"COVID-19 impacts Texas home sales, while prices rise in second quarter of 2020"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">AUSTIN, Texas<\/span>, <span class=\"xn-chron\">July 22, 2020<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212;\u00a0The mandatory shelter-in-place orders related to COVID-19 caused the number of home sales across <span class=\"xn-location\">Texas<\/span> to decline in the second quarter of 2020, while median price increased, according to the <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2864057-1&amp;h=2184769133&amp;u=https%3A%2F%2Fwww.texasrealestate.com%2Fwp-content%2Fuploads%2FTQHR_2020_Q2.pdf&amp;a=2020-Q2+Texas+Quarterly+Housing+Report\" rel=\"nofollow\">2020-Q2 <i>Texas Quarterly Housing Report<\/i><\/a> released today by Texas Realtors. <\/p>\n<div id=\"prni_dvprnejpga6bdleft\" style=\"WIDTH: 100%; TEXT-ALIGN: left\" dir=\"ltr\"><img decoding=\"async\" id=\"prnejpga6bdleft\" title=\"Texas Association of Realtors logo.\" border=\"0\" alt=\"Texas Association of Realtors logo.\" align=\"middle\" imagelabel=\"General\" src=\"https:\/\/mma.prnewswire.com\/media\/175272\/texas_association_of_realtors_logo.jpg\"\/><\/div>\n<p>&#8220;Even though Texans entered Q2 in the jaws of COVID-19, the housing market held its own,&#8221; said <span class=\"xn-person\">Cindi Bulla<\/span>, chairman of Texas Realtors. &#8220;The second quarter of 2020 fared amazingly well by comparison to the same period of 2019, which was arguably one of our best years ever. Gov. <span class=\"xn-location\">Abbott&#8217;s<\/span> early declaration of real estate as an essential service allowed Texas Realtors to transition to virtual platforms and carefully choreographed safety protocols for the few necessary in-person contacts, virtually eliminating disruption to the real estate sector.&#8221; <\/p>\n<p>Home sales declined 9.9%, with 91,970 homes sold in the second quarter of 2020. Statewide, the median price increased 2.9% to <span class=\"xn-money\">$252,000<\/span>. Of all the homes sold within the second quarter, 34.6% were priced from <span class=\"xn-money\">$200,000<\/span> to <span class=\"xn-money\">$299,999<\/span>, the highest share of sales among all price-class distributions. <\/p>\n<p><span class=\"xn-person\">Jim Gaines<\/span>, Ph.D., chief economist with the Real Estate Center at <span class=\"xn-org\">Texas A&amp;M University<\/span>, commented, &#8220;With COVID-19 and the mandatory shut down, the <span class=\"xn-location\">Texas<\/span> housing market performed as expected in Q2. We have a tighter market compared to last year, causing prices to remain high. However, in June we saw demand pick up with buyers becoming more active and taking advantage of the low interest rates. The housing market is one of the few segments of the economy that has held strong. Barring another shutdown, we anticipate it to perform reasonably well in Q3.&#8221;<\/p>\n<p>Active listings declined 22% in Q2 to 88,337 listings. <span class=\"xn-location\">Texas<\/span> homes spent an average of 57 days on the market during the same time frame, five days more than the second quarter of 2019.<\/p>\n<p>Housing inventory in <span class=\"xn-location\">Texas<\/span> declined 0.9 months to 3.0 months of inventory. According to the Real Estate Center at <span class=\"xn-org\">Texas A&amp;M University<\/span>, a market balanced between supply and demand has between 6.0 and 6.5 months of inventory.<\/p>\n<p>Chairman Bulla concluded, &#8220;It&#8217;s important to note that closed sales are off by only 10% compared to the second quarter of 2019. Pent up demand still resulted in rising prices, though at a slower pace. There is every reason for optimism as we move into Q3. However, our biggest problem remains the availability of affordable inventory.&#8221;<\/p>\n<p><b>About the Texas Quarterly Housing Report<\/b><br \/>Data for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local\u00a0REALTOR\u00ae\u00a0associations and their MLSs,\u00a0and Texas REALTORS\u00ae, with analysis by the Real Estate Center at Texas A&amp;M.\u00a0The report provides quarterly real estate sales data for <span class=\"xn-location\">Texas<\/span> and 25 metropolitan statistical areas in <span class=\"xn-location\">Texas<\/span>. To view the report in its entirety, visit\u00a0texasrealestate.com <\/p>\n<p><b>About Texas REALTORS\u00ae <\/b><br \/>With more than 135,000 members, Texas REALTORS\u00ae is a professional membership organization that represents all aspects of real estate in <span class=\"xn-location\">Texas<\/span>. In 2020, Texas REALTORS\u00ae is celebrating a century of shaping <span class=\"xn-location\">Texas<\/span> by being the advocate for private property rights, maintaining the highest standards of professionalism, and providing its members with the tools to achieve success. Visit texasrealestate.com to learn more.<\/p>\n<p>Contact: <span class=\"xn-person\">Morgan Moritz<\/span>, <a target=\"_blank\" href=\"mailto:mmoritz@piercom.com\" rel=\"nofollow\">mmoritz@piercom.com<\/a><\/p>\n<p>Logo &#8211; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2864057-1&amp;h=2095515225&amp;u=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F175272%2Ftexas_association_of_realtors_logo.jpg&amp;a=https%3A%2F%2Fmma.prnewswire.com%2Fmedia%2F175272%2Ftexas_association_of_realtors_logo.jpg\" rel=\"nofollow\">https:\/\/mma.prnewswire.com\/media\/175272\/texas_association_of_realtors_logo.jpg<\/a> <\/p>\n<p>SOURCE  Texas REALTORS<\/p>\n<\/div>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=EH69892&amp;Transmission_Id=202007221100PR_NEWS_HSPR_____EH69892&amp;DateId=20200722\" style=\"border:0px; width:1px; height:1px;\"\/> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">AUSTIN, Texas<\/span>, <span class=\"xn-chron\">July 22, 2020<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212;\u00a0The mandatory shelter-in-place orders related to COVID-19 caused the number of home sales across <span class=\"xn-location\">Texas<\/span> to decline in the second quarter of 2020, while median price increased, according to the &lt;a target=&quot;_blank&quot;&#8230;<\/p>\n","protected":false},"author":1,"featured_media":13139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-13138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aaron-sanchez"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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