Texas Outperforms Nation in October Home Sales
COLLEGE STATION (Real Estate Center) – Sales of existing single-family Texas
homes in October were up 8 percent from a year ago, according to the
most recent Multiple Listing Services (MLS) data compiled by the Real Estate
Center at Texas A&M University.
More than 15,600 existing single-family homes were sold, data showed. The
median home price was $147,500, up 2 percent from a year ago, and the state’s
overall inventory was at 6.9 months.
Meanwhile, the National Association of Realtors (NAR) reported
yesterday that, nationally, existing home sales rose 1.4 percent to a
seasonally adjusted annual rate of 4.97 million in October from a downwardly
revised 4.9 million in September, and are 13.5 percent above the 4.38 million
unit level in October 2010.
The national median price for existing homes was $162,500, which was 4.7
percent below October 2010.
Talking about the national numbers, Center Research Economist Dr. Jim Gaines
said homebuyers continue to be frustrated by stiff mortgage underwriting and
appraisals despite favorable buying factors such as low interest rates,
sluggish but positive job creation and lower home prices.
“NAR reported contract cancellations at 33 percent in October, meaning that one in three sales contracts failed to close,” Gaines said. “Sales agents should be very circumspect when qualifying buyers for mortgages, rather than being frustrated later because the deal does not close.”
October 2011 MLS data for many Texas cities are available on the Center’s
website. Here is a sampling (data current as of Nov. 21, 2011):
|
|
Sales |
Change from Last Year |
Median Price |
Change from Last Year |
Months’ Inventory |
|
Amarillo |
221 | up 2% | $126,800 | up 1% | 5.2 |
|
Austin |
1,616 | up 21% | $188,700 | down 2% | 5.1 |
|
Corpus Christi |
267 | up 12% | $128,900 | down 4% | 9.1 |
|
Dallas |
3,289 | up 10% | $155,400 | up 1% | 5.7 |
|
Fort Worth |
612 | up 4% | $108,000 | down 6% | 6 |
|
Garland |
112 | up 2% | $90,600 | down 1% | 4.7 |
|
Harlingen |
66 | up 12% | $90,000 | up 10% | 24.1 |
|
Houston |
4,467 | up 10% | $152,000 | up 2% | 6.7 |
|
Lubbock |
208 | up 12% | $114,500 | no change | 7.5 |
|
Odessa |
84 | up 18% | $148,300 | up 31% | 3.9 |
|
San Angelo |
74 | down 18% | $110,000 | up 1% | 5.8 |
|
San Antonio |
1,385 | up 5% | $148,300 | down 1% | 7.4 |
|
Temple- Belton |
114 | up 9% | $148,900 | up 25% | 8.7 |
|
Tyler |
227 | up 12% | $133,200 | down 2% | 13 |
|
Wichita Falls |
98 | down 13% | $73,800 | down 27% | 8.4 |
|
Texas |
15,640 | up 8% | $147,500 | up 2% | 6.9 |
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