AUSTIN (Texas Association of Realtors) – The Texas real estate market gained positive momentum in first quarter 2012, according to the Texas Association of Realtors’ latest Texas Quarterly Housing Report<http://www.texasrealestate.com/web/2/25/downloads/TQHR-2012-Q1.pdf?>, which was issued this week.
For January through March 2012, the volume of single-family home sales in Texas was 45,502, 12 percent more than the same quarter in 2011. The median price for Texas homes during the quarter was $147,100, up 2.7 percent more than a year ago.
Months inventory was at six months. Experts say a 6.5-month inventory represents a balanced market.
Real Estate Center Research Economist Dr. Jim Gaines said he believes several factors are driving the strong performance of the first quarter, including continued job growth in Texas and some increased access to credit for homebuyers.
Most of all, Gaines said there’s beginning to be a shift in Texans’ attitudes toward real estate. Essentially, buyers and sellers have higher expectations for the market, so they’re beginning to take action, and the state is starting to feel the impact.
STATE CLARIFIES NOTICE OF PROTEST DEADLINE
AUSTIN (Office of the State Comptroller) – The State Comptroller’s Office has clarified when homeowners must file notices of protest with appraisal review boards (ARB).
Although Tax Code Section 41.44 subsection (a)(1) states that such notices must be filed before May 1 or no later than the 30th day after notices of appraised value are delivered, there is some flexibility.
According to Deborah Cartwright, director of the Property Tax Assistance Division (PTAD) with the State Comptroller’s Office, “if an owner of a single-family residence files a notice of protest after the deadlines found in subsection (a)(1), but before June 1 and before the ARB approves the appraisal records, then the owner is entitled to a hearing and determination of the protest.”