Though the National Association of Realtors reported sales of existing homes nationwide fell for the eighth straight month (as of end of October), Lubbock's sales rose by almost 6%. Nationally, the median price (the price where half the homes sold either below or above) fell 5.8%. The median price in Lubbock actually rose by 15%. At the end of October one year ago the median price in Lubbock was $117,260 compared to $134,905 for 2007.
Admittedly, the inventory in the Multiple Listing Service has risen. Last year at this time there were 1608 single family properties on the market. This year there are 1700--not an alarming figure. Volume is down by a modest 2.4% for the year, but the good news is that there actually has been appreciation as the numbers above reflect.
What continues to make Lubbock sound is the high employment rate, lending practices that have been and continue to be financially viable, and a diversified economy. Texas Tech continues to grow in student population and this year will be a bumper cotton crop due in part to the amount of summer moisture. There are also a number of new businesses that have either come to the city or are contracted to come to Lubbock.
It's an amazing thing that perception of economic conditions can so often out weigh reality!
Source: Lubbock Multiple Listing Service
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