May was packed with indicators of an improving housing market here in Texas. According to the latest Multiple Listing Service (MLS) data, existing home sales were up 20 percent over May 2011, prices were up 8 percent, and inventory was at a comfortable six months.
“There’s no doubt that the market in Texas and in most of our major metropolitan areas in Texas is definitely picking up,” said Real Estate Center Research Economist Dr. Jim Gaines on this week’s Real Estate Red Zone podcast. “Sales have picked up. The year-to-date is up 13 percent, which is very, very good.”
Gaines said the increased sales activity might reflect a release of some pent-up demand in the market as people become aware that now is an opportune time to buy, while prices are down and mortgage interest rates are at historical lows.
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