An updated Market report was recently released by the Real Estate Center at TAMU. As expected, sales continue to decline in every city listed since last year. In my opinion, this will continue to happen throughout 2009. In our market, I have witnessed several builders/develops go out of business and new construction has slowed considerably. Now is definitely not the time to sell your home but it is the time to purchase your first home or buy investment properties. Is your home losing value?
EXISTING HOME SALES, PRICES DROP IN NOVEMBER
TEXAS (Real Estate Center, MarketWatch) - A total of 12,816 existing homes were sold in Texas last month, a 32.9 percent decline from November 2008, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price dropped 5.4 percent to $136,900 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 November (data current as of Dec. 23, 2008):
| Sales |
Change from |
Median Price |
Change from Last Year |
Months' Inventory |
|
| Amarillo | 140 | down 44.7% | $116,500 | up 1.5% | 5.8 |
| Austin | 1,086 | down 39.8% | $179,900 | down 2.9% | 5.7 |
| Beaumont | 153 | down 13.1% | $134,400 | up 12.8% | 7.2 |
| Brownsville | 56 | down 39.8% | $88,000 | down 25.9% | na |
| Bryan-College Station | 105 | down 23.4% | $139,200 | up 5.1% | 5 |
| Corpus Christi | 223 | down 31.2% | $130,500 | up 0.4% | 9.5 |
| Dallas | 2,776 | down 32.7% | $144,100 | down 7.3% | 6.3 |
| El Paso | 362 | down 6.5% | $132,800 | down 0.6% | 12 |
| Fort Worth | 492 | down 38.1% | $110,000 | down 7.3% | 5.9 |
| Houston | 3,747 | down 32.1% | $137,200 | down 7.9% | 6.3 |
| Laredo | 54 | down 36.5% | $117,500 | down 16.6% | 10 |
| Longview-Marshall | 134 | down 31.6% | $121,200 | down 3% | 6.8 |
| Lubbock | 151 | down 41.5% | $103,600 | up 3.6% | 5.5 |
| San Antonio | 1,064 | down 33.1% | $140,600 | down 3% | 8 |
| Texarkana | 49 | down 24.6% | $80,800 | down 25.5% | 7.4 |
| Tyler | 164 | down 38.1% | $122,700 | down 9% | 10.8 |
| Victoria | 50 | down 28.6% | $120,000 | up 3.8% | 5.5 |
| Waco | 114 | down 32.5% | $100,000 | down 11.4% | 7.9 |
Nationally, sales of existing single-family homes and condos dropped 8.6 percent last month to a 4.49 million seasonally adjusted annual pace, according to the National Association of Realtors. At $181,300, the median sales price was down 13.2 percent from a year earlier. Inventory was at 11.2 months.
Meanwhile, sales of new homes nationally were at 407,000 in November, down more than 35 percent from a year ago, according to the U.S. Commerce Department. The median sales price was $220,400. At the current sales pace, there was an 11.5-month inventory.
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