Texas home sales reached a new high of 114,772 homes sold in the second quarter of 2021, an increase of 24.7% from the second quarter a year ago, according to the 2021-Q2 Texas Quarterly Housing Report released today by Texas Realtors.

The average price of a Texas house has increased by nearly 20% to $300,940 on average, while the median price of a home in Texas increased 19.1% to $300,490.

"Texas is in the middle of a record-breaking summer selling season with unprecedented demand for housing" Marvin Jolly, Texas Realtors chairman, said. "Across the state, buyers are having to compete more than ever for houses, leading to a strong increase in home prices."

Chairman Jolly continued by talking about the importance of realtors in a competitive housing market.

"With such high demand and rising prices, buyers and sellers are relying on their Realtors more than ever to help them navigate this highly competitive market," said Chairman Jolly. 

"Many sellers are in the enviable position of getting multiple offers above asking price but are finding there's more to choosing the best offer than simply going with the highest price. Factors such as appraisal waivers, earnest money, and termination options can all come into play. On the other side, buyers are facing the challenge of figuring out how to structure an offer that will stand out as the one the seller accepts. There's no one better than a Texas Realtor to guide buyers and sellers through these scenarios."

Housing inventory cannot keep up as labor and material shortages continue, according to Texas Real Estate Research Center economist Luis Torres. Texas housing inventory currently sits at 1.4 months. A balanced market has an inventory of between 6.0 and 6.5 months. This marked a decline from 2.9 months in Q2 of 2020.