Local home sales follow seasonal trends
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By Chris Van Wagenen | A-J BUSINESS EDITOR
Tuesday, November 25, 2008
Story last updated at 11/25/2008 - 2:02 am
Sales of existing homes in the Lubbock area fell by nearly 24 percent in October, reflecting seasonal trends and political uncertainty.
"We did see a decline, but we think it may have been slower due to the pending (presidential) election," said Greg Garrett, president of the Lubbock Association of Realtors.
Garrett said it appears Lubbock sales numbers will still match those achieved in 2007.
Lubbock real estate agents sold 192 homes with an attached dollar volume of $27.3 million through Oct. 31, compared to 252 sales valued at $33.9 million for the same year-ago period.
Nationally, sales of existing homes fell 3.1 percent to a seasonally adjusted 4.98 million units, the National Association of Realtors reported.
In Lubbock, the median sales price - that is half the homes sold for more or less - was pegged at $115,475, up 7.80 percent, compared to $108,575 for the same year ago period, according to Multiple Listing Service.
"The fact that our values have held up in an overall weak (national) economy is a good indicator about our market. Our homes continue to appreciate while our local economy remains strong," Garrett said.
Nationally, just the opposite was true. Realtors reported median sales plunged 11.3 percent from a year ago to $183,000. It was the largest year-over-year drop on records going back to 1968, and the lowest median sales prices since March 2004.
Garrett said a reduction in total home listings is another indicator that the Lubbock market is moving in a positive direction.
There were 1,529 active home listings last month - a decrease of 15.7 percent. That compared to year ago inventory levels, which were pegged by MLS at 1,813 units.
MLS reported a 4.9 month inventory of homes through Oct. 31, compared to a 5.6 month level for the same year-ago period.
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