NationalMortgageNews reports the Texas Association of Realtors says the volume of home sales increased the first quarter by 12 percent, including 45,502 single-family homes. The median price of the houses sold rose 2.7 percent over the same period last year, to $147,100. The inventory of houses on the market dropped to six months for Q1 2012, down from 7.6 months a year ago. The Real Estate Center at Texas A&M University says 6.5 months of inventory is a balanced market which could indicate home prices are heading back up. MHProNews.com has learned Jim Gaines, an economist with the Center, says job growth and a loosening of credit may be responsible for the first quarter performance.

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