Monday, September 27, 2010

TEXAS HOME SALES DOWN, PRICES UP

Newly released data from Texas Multiple Listing Services (MLS) show existing home sales are down from last year while average and median prices are up.
“Texas home sales peaked this year in May rather than the normal June-July period because of the expired tax credit stimulus,” said Real Estate Center Research Economist Dr. Jim Gaines.
“August 2010 sales were down 14 percent from August last year but were up 3.6 percent from dismal July figures, which were down 27 percent from the previous year.”
Gaines said average and median prices showed “remarkable strength” given the generally weaker market, increasing by 5.3 percent and 1.9 percent from last August, respectively.
“The higher average price reflects some improvement in the upper-end market, which has been significantly depressed the past couple of years,” he said. “The number of properties offered for sale declined in August, leaving month’s inventory effectively unchanged from July. However, the total number of properties on the market this year is 14 percent greater than in August 2009.”
While total listings were down from the previous month, the average months inventory of unsold homes at the current sales rate remained virtually unchanged at 7.9 months.
Here is how select Texas cities fared in August (data current as of Sept. 23, 2010):

Sales
Change from
Last Year

Median
Price
Change from
Last Year
Months'
Inventory
Amarillo
247
no change
$130,300
up 4%
6.8
Austin
1,670
down 15%
$196,500
up 5%
7.1
Corpus Christi
317
no change
$148,500
up 8%
11.2
Dallas
3,393
down 19%
$166,900
up 5%
7.2
El Paso
437
down 10%
$137,300
up 6%
6.9
Fort Worth
674
down 14%
$119,000
up 1%
7.3
Harlingen
64
down 25%
$96,700
up 3%
26.2
Houston
4,619
down 16%
$157,500
down 1%
8
Killeen-Fort Hood
189
down 28%
$128,100
up 1%
7.8
Lubbock
251
down 13%
$111,700
down 3%
7.4
Odessa
86
up 34%
$150,000
up 32%
4.6
San Antonio
1,646
down 9%
$157,800
up 7%
8.3
Tyler
238
down 15%
$143,100
up 10% 
13.4
Wichita Falls
130
down 5%
$96,000
down 12% 
8.4
Texas
17,017
down 14%
$152,900
up 1.9%
7.9