Texas Real Estate Market Off to Strong Start

First quarter data from the ""Texas Association of Realtors"":https://www.texasrealtors.com/index.cfm?showed the Lone Star state's housing market is off to a good start, pointing to a strong selling season for the summer.

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A report from the association revealed first quarter home sales in Texas totaled 53,937, up 17.5 percent from a year ago. In addition, out of the 48 markets covered, 40 markets registered increases in sales. According to the report, population and job growth is adding to the demand for Texas homes.

Shad Bogany, chairman of the Texas Association of Realtors, says that while 2012 was a strong year for Texas real estate, 2013 looks to be even stronger.

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""We've heard a lot about the growth of Texas and now we're starting to really see the impact on our real estate market,"" she added.

Median prices also improved over the last year, with the median price for Texas homes up 7 percent to $158,000 in the first quarter. Since reporting began in 2009, the median price for homes in the state has either matched or beat the prior year's price each quarter.

""Historically, the median price for Texas homes has increased about four percent each year and we usually see the biggest jump in price between the first and second quarters,"" said Jim Gaines , PhD., economist with the Real Estate Center at Texas A&M University. ""So, with price increases already in the range of seven percent in the first quarter, we could see Texas homes increase in value significantly this year.""

Gaines, however, warned of inventory constraints for sales.

""We'll only realize our potential for increased sales volume if more sellers enter the market and start listing their properties, increasing the inventory of homes for sale,"" he said.

While sales and prices increased, inventory was down. In the first quarter of this year, month' supply stood at 4.2 months, which is 1.7 months less than the prior year.