Dear readers,
The following information came to me via RECON, a weekly e-mail publication of the The Real Estate Center at Texas A&M University. Subscription information can be found at the bottom of the article.
TEXAS' EXISTING HOME SALES, PRICES DOWN IN OCTOBER
TEXAS (Real Estate Center, MarketWatch, CNNMoney) - A total of 16,711 existing homes were sold in Texas last month, a 17 percent decline from October 2007, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price dropped 0.8 percent to $142,300 during the same period, and the state finished the month with a 6.8-month inventory of existing homes.
Here is how select Texas cities fared in October (data current as of Dec. 2, 2008):
| Sales |
Change from |
Median Price |
Change from Last Year |
Months' Inventory |
|
| Amarillo | 226 | down 7 percent | $130,000 | up 12 percent | 5.6 |
| Austin | 1,464 | down 23.4 percent | $189,000 | up 4 percent | 5.9 |
| Beaumont | 178 | down 3.8 percent | $139,000 | up 23.7 percent | 7.7 |
| Brownsville | 69 | down 21.6 percent | $103,300 | up 14.8 percent | na |
| Bryan-College Station | 126 | no change | $148,000 | up 7.6 percent | 5 |
| Corpus Christi | 255 | down 30.1 percent | $140,900 | down 1.7 percent | 9.4 |
| Dallas | 3,471 | down 17.8 percent | $155,700 | up 0.6 percent | 6.3 |
| El Paso | 413 | down 5.9 percent | $130,500 | down 0.3 percent | 12.6 |
| Fort Worth | 730 | down 20.9 percent | $109,100 | down 6.6 percent | 5.9 |
| Houston | 4,671 | down 20.1 percent | $142,400 | down 2.8 percent | 6.4 |
| Laredo | 87 | down 7.4 percent | $115,700 | down 15.2 percent | 9.7 |
| Longview-Marshall | 187 | down 8.3 percent | $118,800 | down 1 percent | 6.2 |
| Lubbock | 192 | down 23.8 percent | $116,400 | up 6.4 percent | 5.4 |
| San Antonio | 1,470 | down 14.6 percent | $143,500 | down 0.6 percent | 8 |
| Texarkana | 67 | up 31.4 percent | $131,200 | up 17.5 percent | 7.6 |
| Tyler | 212 | down 22.3 percent | $139,000 | up 9.8 percent | 10.7 |
| Victoria | 56 | down 17.6 percent | $108,900 | up 7 percent | 6 |
| Waco | 166 | down 9.3 percent | $117,500 | up 9.2 percent | 8 |
Additional home sales data for these and other major Texas cities are available on the Center's website.
Nationally, sales of existing single-family homes dropped 1.6 percent over the past year to a 4.98 million seasonally adjusted annual pace, according to the National Association of Realtors. At $183,300, the median sales price was down 11.3 percent from a year earlier. Inventory was at 10.2 months.
Meanwhile, sales of new homes nationally were at 433,000 in October, off more than 40 percent from a year ago, according to U.S. Census Bureau data. The median sales price was $218,000. At the current sales pace, there was more than an 11-month inventory.
@ THE CENTER To subscribe or unsubscribe to RECON or to view back issues go to the Real Estate Center's website.
The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
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Blue skies,
Sam White
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