Supply of DFW Homes Down!
At the end of 2011, the number of pre-owned single-family homes on the market in the Metroplex was at the lowest level in a decade.
About 27,000 homes were listed for sale with real estate agents in North Texas, 35 percent less than the record 41,647 listings in 2007 and the lowest number since 2001, according to statistics from the Real Estate Center at Texas A&M University and North Texas Real Estate Information Systems.
“Since sales have maintained a fairly consistent level, the inventory measure is down under five months, which would normally indicate a very strong sellers’ market,” said Center Research Economist Dr. Jim Gaines.
And it’s not just existing homes that are down in number. The Dallas Morning News reported that around 3,000 finished vacant new homes are in the DFW area. That’s about a fourth as many as in 2007.
Source: Dallas Morning News
Read MoreDFW sales prices up for first time in 5 years
Dallas got a little good news this week on the housing front.
According to the Dallas Morning News, last year marked the first time in five years that existing home sales figures in most Dallas neighborhoods were higher than the year before.
In areas where sales went up, the average year-over-year sales increase was about 5 percent.
Real Estate Center Research Economist Dr. Jim Gaines said he predicts that trend will continue in 2012.
“I think your sales this year will be up 2 or 3 percentage points,” Gaines said. “They are going to be about where 2009 sales were.”
Source: Dallas Morning News
Read MoreTexas Foreclosure Filings, Sales Down In November
Foreclosure activity in Texas was down last month, according to the latest figures from RealtyTrac.
November foreclosure filings for the Lone Star State totaled 10,124, down 24.3 percent from a year ago. Total year-to-date (YTD) filings were at 115,222, down 18.9 percent.
Nationally, there were 224,394 filings, down 14.5 percent from November 2010. Total YTD filings were at 2.5 million, down 30.1 percent.
There were 6,247 posted foreclosure sales in Texas last month, down 19.1 percent from a year ago. YTD postings were down 17.3 percent, at 69,473.
Meanwhile, there were 96,540 posted foreclosure sales nationally last month, down 38.3 percent from last year. YTD postings were at 994,887, down 33.2 percent.
Real Estate Center Research Economist Dr. Jim Gaines said the impact of foreclosure moratoria from the pending agreement with states’ Attorneys General slowed foreclosures for all of 2011. But that will likely mean more foreclosure activity going into the new year.
“The pent-up foreclosure processing is expected to bust loose in 2012, so we expect to see significant percentage increases in the monthly reports for at least the first half of 2012, if not the whole year,” he said.
But that’s nationally. Gaines said Texas should fare better.
“Posted delinquencies here are falling, and Texas is a non-judicial foreclosure state, so many lenders haven’t stopped processing foreclosures, thereby preventing a backlog from forming,” he said.
Read MoreTexas’ Existing Home Sales Up 9 Percent In November
Sales of existing single-family Texas homes in November were up 9 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.
More than 15,000 homes were sold, data showed. The median home price was $147,600, up 1 percent from a year ago, and the state’s overall inventory was at 6.6 months.
November 2011 MLS data for many Texas cities are available on the Center’s website. Here is a sampling (data current as of Dec. 15, 2011):
|
|
Sales |
Change from |
Median |
Change from |
Months’ |
|
Abilene |
113 | down 2% | $129,200 | up 47% | 5.6 |
|
Amarillo |
196 | up 45% | $128,100 | down 2% | 5.9 |
|
Arlington |
272 | up 5% | $131,600 | up 4% | 4.8 |
|
Austin |
1,481 | up 12% | $186,400 | up 3% | 4.6 |
|
Bryan- |
124 | up 23% | $156,200 | down 2% | 8.7 |
|
Dallas |
3,254 | up 16% | $151,100 | down 2% | 5.3 |
|
Fort Worth |
574 | down 1% | $107,900 | no change | 5.8 |
|
Houston |
4,343 | up 11% | $153,800 | up 2% | 6.4 |
|
Laredo |
55 | down 30% | $121,400 | down 8% | 7.1 |
|
Longview- |
129 | down 9% | $139,500 | up 14% | 9.8 |
|
Lubbock |
178 | up 5% | $123,500 | up 4% | 7.2 |
|
McAllen |
137 | down 9% | $115,300 | up 9% | 15.3 |
|
Odessa |
81 | up 69% | $125,000 | down 19% | 3.5 |
|
San Antonio |
1,265 | down 3% | $145,400 | down 5% | 7.2 |
|
Texarkana |
75 | up 36% | $92,500 | down 10% | 9.4 |
|
Texas |
15,059 | up 9% | $147,600 | up 1% | 6.6 |
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Texas Outperforms Nation in October 2011 Home Sales
Sales of existing single-family Texas homes in October were up 8 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.
More than 15,600 existing single-family homes were sold, data showed. The median home price was $147,500, up 2 percent from a year ago, and the state’s overall inventory was at 6.9 months.
Meanwhile, the National Association of Realtors (NAR) reported yesterday that, nationally, existing home sales rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million in October from a downwardly revised 4.9 million in September, and are 13.5 percent above the 4.38 million unit level in October 2010.
The national median price for existing homes was $162,500, which was 4.7 percent below October 2010.
Talking about the national numbers, Center Research Economist Dr. Jim Gaines said homebuyers continue to be frustrated by stiff mortgage underwriting and appraisals despite favorable buying factors such as low interest rates, sluggish but positive job creation and lower home prices.
“NAR reported contract cancellations at 33 percent in October, meaning that one in three sales contracts failed to close,” Gaines said. “Sales agents should be very circumspect when qualifying buyers for mortgages, rather than being frustrated later because the deal does not close.”
October 2011 MLS data for many Texas cities are available on the Center’s website. Here is a sampling (data current as of Nov. 21, 2011):
|
|
Sales |
Change from Last Year |
Median Price |
Change from Last Year |
Months’ Inventory |
|
Amarillo |
221 | up 2% | $126,800 | up 1% | 5.2 |
|
Austin |
1,616 | up 21% | $188,700 | down 2% | 5.1 |
|
Corpus Christi |
267 | up 12% | $128,900 | down 4% | 9.1 |
|
Dallas |
3,289 | up 10% | $155,400 | up 1% | 5.7 |
|
Fort Worth |
612 | up 4% | $108,000 | down 6% | 6 |
|
Garland |
112 | up 2% | $90,600 | down 1% | 4.7 |
|
Harlingen |
66 | up 12% | $90,000 | up 10% | 24.1 |
|
Houston |
4,467 | up 10% | $152,000 | up 2% | 6.7 |
|
Lubbock |
208 | up 12% | $114,500 | no change | 7.5 |
|
Odessa |
84 | up 18% | $148,300 | up 31% | 3.9 |
|
San Angelo |
74 | down 18% | $110,000 | up 1% | 5.8 |
|
San Antonio |
1,385 | up 5% | $148,300 | down 1% | 7.4 |
|
Temple- Belton |
114 | up 9% | $148,900 | up 25% | 8.7 |
|
Tyler |
227 | up 12% | $133,200 | down 2% | 13 |
|
Wichita Falls |
98 | down 13% | $73,800 | down 27% | 8.4 |
|
Texas |
15,640 | up 8% | $147,500 | up 2% | 6.9 |
Source: Real Estate Center
Read MoreTexas Existing Home Sales and Prices UP in September 2011!
Sales of existing single-family Texas homes in September were up 14 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.
More than 17,600 existing single-family homes were sold, data showed.
The median home price was $149,100, up 2 percent from a year ago, and the state’s overall inventory was at 7.1 months.
September 2011 MLS data for many Texas cities are available on the Center’s website. Here is a sampling (data current as of Oct. 27, 2011):
|
|
Sales |
Change from Last Year |
Median Price |
Change from Last Year |
Months’ Inventory |
|
Austin |
1,839 | up 31% | $187,500 | down 2% | 5.5 |
|
Bryan- College Station |
131 | up 7% | $156,400 | up 5% | 9.4 |
|
Dallas |
3,571 | up 13% | $157,900 | up 2% | 6 |
|
Fort Bend |
789 | up 17% | $200,200 | up 2% | 5.8 |
|
Fort Worth |
692 | up 12% | $112,400 | up 2% | 6.2 |
|
Galveston |
64 | down 3% | $172,000 | up 29% | not available |
|
Houston |
5,079 | up 17% | $155,800 | up 2% | 6.9 |
|
Laredo |
77 | up 4% | $127,500 | up 11% | 7.2 |
|
Nacogdoches |
34 | up 6% | $123,300 | up 3% | 10 |
|
Palestine |
33 | up 6% | $112,500 | up 46% | 14.9 |
|
Paris |
26 | down 7% | $106,700 | up 12% | 14.3 |
|
San Antonio |
1,578 | up 8% | $150,800 | down 1% | 7.6 |
|
San Marcos |
15 | down 40% | $165,000 | up 50% | 8.3 |
|
Sherman- Denison |
90 | up 17% | $95,000 | up 33% | 10.5 |
|
Victoria |
77 | up 8% | $130,000 | up 10% | 4.6 |
|
Texas |
17,616 | up 14% | $149,100 | up 2% | 7.1 |
Source: Real Estate Center
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