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Texas Home Sales Surge for Third Consecutive Quarter

Home sales in the Lone Star State are on the rise.

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According to the latest Texas Quarterly Housing Report released Monday by the ""Texas Association of Realtors"":http://www.texasrealestate.com/, a total of 66,079 existing single-family homes were sold during the second quarter of this year, soaring 14 percent from the same quarter last year. This marked the third consecutive quarter of year-over-year increases.

""We're encouraged to see continued strength in Texas' real estate market as 2010 marches forward,"" said Bill Jones, chairman of the Texas Association of Realtors. ""We're now focused on maintaining that strength and expanding access to affordable, sustainable homeownership in Texas.""

Jim Gaines, an economist with the ""Real Estate Center at Texas A&M University"":http://recenter.tamu.edu/, said the robust second-quarter numbers overall were spurred by particularly heavy volume in April and May. However, he noted that sales volume decreased between May and June, due to the expiration of the homebuyer tax credit. As a result, he said Texas may have seen its usual ""summer peak"" in sales volume a little early this year.

While sale rose during the second quarter, the median price of single-family homes in Texas remained virtually unchanged at $149,200. In addition, the months' inventory of Texas homes â€" a statistic that indicates the balance between supply and demand for homes â€" increased slightly from 7.3 months in the second quarter of 2009 to 7.4 in the second quarter of 2010.

About Author: Brittany Dunn

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