The Texas housing market gained positive momentum in the first quarter of 2012, according to the 2012-Q1 edition of the Texas Quarterly Housing Report.

Other highlights from the report:

  • From 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 -- 2.7 percent more than 2011-Q1.
  • Months' inventory decreased from 7.6 months statewide in 2011-Q1 to 6.0 months in the first quarter of this year.

Economists at the Real Estate Center at Texas A&M University say that 6.5 months of inventory represents a balanced market. The 21 percent drop in housing stock could mean demand is starting to overtake supply and Texas home prices are about to rise again.

Download the full report, complete with charts and graphs on 47 markets in Texas.