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
Last Year 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
Additional home sales data for these and other major Texas cities are available on the Center’s website.