TEXAS HOME SALES DOWN, PRICES UP
TEXAS (Real Estate Center) - 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 |
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 |
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