Tyler Area Home Sales Increase, Prices Rise in February

TYLER — Tyler area home sales increased 2 percent in February over February 2015, while home prices also increased. That’s according to the February 2016 Tyler area housing market report released Wednesday by the Greater Tyler Association of Realtors. GTAR Chairman Claudia Carroll says that’s a strong start for the year– and that things should get even more competitive as the summer selling season approaches. According to the report, 69 homes were sold in Tyler in February. The median price for Tyler area homes increased 6 percent from the previous February to $168,975.

Tyler’s monthly housing inventory was 3.8 months in February 2016, 0.5 months less than the year prior. The Real Estate Center at Texas A&M University notes that 6.5 months of inventory represents a market in which supply and demand for homes is balanced. The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. Homes spent an average of 99 days on the market in February 2016, 5 days less than February 2015. Additionally, active listings decreased 5 percent to 361 listings during the same time frame.

February 2016 Statistics At-A-Glance

· 69 – Homes sold in February 2016, 2 percent more than February 2015.
· $168,975 – Median price in February 2016, 6 percent more than February 2015.
· 3.8 – Monthly housing inventory in February 2016, 0.5 months less than February 2015.
· 99 – Average number of days homes spent on the market in February 2016, 5 days less than February 2015.
· 361 – Active home listings on the market in February 2016, 5 percent less than February 2015.