Existing Home Sales Down, Prices Up in Many Markets
Sales of existing single-family homes in Texas in May were down 15 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.
Just over 19,500 existing single-family homes were sold.
The median home price was up 1 percent to $149,800, and the state’s overall inventory was at 8.2 months.
May 2011 MLS data for many Texas cities are available on the Center’s website. Here is a sampling (data current as of June 30, 2011):
| Sales | Change from Last Year |
Median Price |
Change from Last Year |
Months’ Inventory |
|
| Abilene | 154 | down 23% | $120,600 | up 21% | 6.8 |
| Austin | 2,077 | down 9% | $196,800 | up 4% | 7 |
| Beaumont | 143 | down 29% | $120,700 | down 2% | 12.4 |
| Dallas | 4,134 | down 15% | $166,000 | up 3% | 7.3 |
| Fort Worth | 776 | down 15% | $113,800 | down 5% | 7.3 |
| Garland | 185 | down 7% | $95,000 | down 5% | 6.4 |
| Houston | 5,522 | down 13% | $155,100 | up 2% | 8.1 |
| Killeen- Fort Hood |
191 | down 29% | $120,400 | down 3% | 7.5 |
| Longview- Marshall |
170 | down 23% | $129,600 | down 2% | 10.9 |
| Lufkin | 53 | No change | $102,000 | down 16% | 10.4 |
| McAllen | 130 | down 28% | $114,300 | up 10% | 14.4 |
| Port Arthur | 48 | down 25% | $108,000 | up 15% | 13.2 |
| San Antonio | 1,832 | down 10% | $151,800 | up 4% | 8.6 |
| Texarkana | 53 | down 40% | $98,800 | down 12% | 10.7 |
| Waco | 202 | down 9% | $117,300 | up 8% | 9.8 |
| Texas | 19,543 | down 15% | $149,800 | up 1% | 8.2 |
Source: Real Estate Center
TMG’s Viewpoint and Take-Away
If you look at all the major metropolitan areas you will notice that they were all down in number of sales but that their average sales prices were up as well and the months of inventory are nearing the balancing point of 6 months. In addition to this, for the DFW area specifically, we have been inundated with news of how much construction is going on, that is aways a good sign of a strong economy.
We have been saying it for a while, any buyers who are in the market, but don’t purchase now, are going to be kicking themselves in the future. Lowest rates and a buyer’s market still hanging on, it doesn’t get better than that for a buyer.
For more info or to answer any questions:
www.TheMattesonGroup.com
Coldwell Banker Apex, Realtors
214.405.3640
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Texas Home Building Markets Very Heathly
Texas housing markets are among the healthiest for home building, according to Hanley Wood Market Intelligence.
The firm’s Builder Market Health Index gives many Texas MSAs a market health indicator well above 50 out of 100 (50 being the minimum to be considered healthy).
Austin-Round Rock had a score of 86.5, second only to Raleigh-Cary, NC, which had 86.9.
Houston-Sugar Land-Baytown scored a 77.3, San Antonio a 75.6, Dallas-Fort Worth-Arlington a 70.7 and El Paso a 65.8. Killeen-Temple-Fort Hood and McAllen-Edinburg-Mission each scored 54.5.
According to Hanley Wood, the index weighs housing conditions in the 100 largest home building markets based on the 2011 outlook for six key variables most associated with strong home sales. Those include unemployement rate, change in unemployment numbers, home price appreciation, household growth, job growth and median income growth.
Source: Hanley Wood
Read MoreTexas Existing Home Sale Prices UP, Number of Sales Drop in February 2011
Just over 12,000 existing single-family homes were sold in Texas last month, a 10 percent drop from February 2010. That’s according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.
The median home price in Texas was up 3 percent from February 2010, at $145,800. There was a 7.2-month inventory.
February 2011 MLS data for many Texas cities (current as of today) are available on the Center’s website. Here is a sampling:
| Sales | Change from Last Year |
Median Price |
Change from Last Year |
Months’ Inventory |
|
| Abilene | 91 | down 2% | $110,000 | up 12% | 6.2 |
| Austin | 1,214 | down 3% | $190,000 | up 4% | 5.9 |
| Bay Area | 334 | up 6% | $153,200 | up 4% | 9.8 |
| Beaumont | 108 | no change | $116,700 | down 16% | 10.7 |
| Brazoria County |
54 | down 17% | $115,000 | down 6% | 9.7 |
| Collin County |
604 | down 9% | $205,200 | up 4% | 5.1 |
| Dallas | 2,390 | down 14% | $158,700 | up 6% | 6.6 |
| Fort Worth | 464 | down 19% | $107,200 | down 3% | 6.9 |
| Houston | 3,603 | down 2% | $151,900 | up 4% | 7.5 |
| Longview- Marshall |
113 | down 3% | $124,300 | up 4% | 9.4 |
| Montgomery County |
372 | up 2% | $179,100 | up 5% | 7.3 |
| Port Arthur | 36 | down 20% | $126,700 | up 35% | 11.6 |
| San Antonio | 1,100 | down 12% | $146,400 | up 3% | 7.9 |
| Texarkana | 51 | down 18% | $110,000 | down 16% | 9.2 |
| Waco | 107 | down 11% | $118,600 | up 4% | 9.3 |
| Texas | 12,008 | down 10% | $145,800 | up 3% | 7.2 |
Source: Real Estate Center
Read MoreNorth Texas Home Prices Up, Number of Sales Down
Prices on existing North Texas single-family homes were up in February, but sales were down for the ninth consecutive month.
Just over 3,500 homes were sold in the 29-county North Texas region last month, a 17 percent drop from February 2010, the Fort Worth Star-Telegram reported yesterday.
Sales declines of more than 50 percent were seen in some areas of Arlington and Fort Worth. In Tarrant County, the submarkets of Kennedale, central west Fort Worth near Texas Christian University, and Haltom City saw gains.
A total of 6,676 homes have been sold in North Texas so far this year. That’s 13 percent fewer than the same period a year ago.
The median sales price was up 4 percent to $145,000 last month. Nearly 25 percent of the homes sold cost between $200,000 and $400,000. About 1 percent cost $1 million or more.
Source: Fort Worth Star-Telegram
Read MoreTexas home sales and median prices are up
Some 10,628 existing single-family homes were sold in Texas last month, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University. That’s a 2 percent increase over a year ago.
The median price was also up 2 percent from January 2010, at $139,100. There was a 7.3-month inventory.
In the Dallas Metroplext number of home sales were down 8%, BUT the median price was up 7%! Also, the DFW Metroplex is still hanging in the balance between a Buyer’s and Seller’s Market with 6.4 months of inventory.
January 2011 MLS data for many Texas cities (current as of today) are available on the Center’s website. Here is a sampling:
| Sales | Change from Last Year |
Median Price |
Change from Last Year |
Months’ Inventory |
|
| Amarillo | 122 | up 14% | $122,700 | down 6% | 6.9 |
| Austin | 1,066 | up 8% | $186,300 | up 6% | 5.6 |
| Corpus Christi |
175 | up 11% | $128,500 | up 2% | 9.8 |
| Dallas | 2,043 | down 8% | $150,100 | up 7% | 6.4 |
| El Paso | 339 | up 34% | $127,900 | down 2% | 6.6 |
| Fort Worth |
407 | down 12% | $105,000 | up 2% | 6.8 |
| Harlingen | 56 | down 20% | $76,000 | down 11% | unavailable |
| Houston | 3,085 | up 8% | $136,600 | down 4% | 7.4 |
| Lubbock | 135 | down 3% | $110,000 | up 2% | 7 |
| Odessa | 50 | up 56% | $136,700 | up 16% | 4 |
| San Angelo | 63 | up 7% | $118,900 | up 40% | 6.3 |
| San Antonio | 951 | up 11% | $143,900 | up 4% | 7.7 |
| Temple- Belton |
77 | down 9% | $125,000 | up 19% | 8.1 |
| Tyler | 143 | down 11% | $120,600 | down 13% | 12.6 |
| Wichita Falls |
80 | down 10% | $90,000 | up 3% | 7.8 |
| Texas | 10,628 | up 2% | $139,100 | up 2% | 7.3 |
Source: Real Estate Center
Read MoreDFW’s 2010 Home Price Trends Turn Positive
Home prices increased in the Dallas metropolitan market in 2010, even the prices of distressed homes, according to recent Real Estate Center research.
Center researchers found that homes sold by “typical” or “nondistressed” owners in 2010 were 1.2 percent higher, on a per-square-foot basis, than in 2009. The research also revealed that homes sold by “distressed” owners increased by 2.51 percent in 2010.
As part of a major research effort, the Center combed through more than 500,000 sales records from 2003 to 2010 (51,593 in 2009 and 46,315 in 2010) in the North Texas Real Estate Information System (NTREIS) database to get a more precise view of what has been happening to “typical” and “distressed” home prices in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area (MSA).
The data included all distressed sales reported by NTREIS between $50,000 and $1 million during the eight-year period and all nondistressed sales between $75,000 and $1 million. Distressed sales ranged from a low of 5.7 percent of all sales in 2003 to 16.3 percent of all sales in 2010. In general, a non-distressed sale was sold by an individual and a distressed sale was sold by a financial institution or intermediary.
For more on the researchers’ findings, read the Center’s online news release.
Source: Real Estate Center
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