A total of 16,711 existing homes were sold in Texas last month, a 17 percent decline from October 2007, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price dropped 0.8 percent to $142,300 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 October (data current as of Dec. 2, 2008):
Amarillo
226 Sales | Change from Last Year – down 7%
Median Price – $130,000 | Change from Last Year – up 12%
Months’ Inventory – 5.6 months
Austin
1,464 Sales | Change from Last Year – down 23.4%
Median Price – $189,000 | Change from Last Year – up 4%
Months’ Inventory – 5.9 months
Dallas
3,471 Sales | Change from Last Year – down 17.8%
Median Price – $155,700 | Change from Last Year – up 0.6%
Months’ Inventory – 6.3 months
El Paso
413 Sales | Change from Last Year – down 5.9%
Median Price – $130,500 | Change from Last Year – down 0.3%
Months’ Inventory – 12.6 months
Fort Worth
730 Sales | Change from Last Year – down 20.9%
Median Price – $109,100 | Change from Last Year – down 6.6%
Months’ Inventory – 5.9 months
Houston
4,671 Sales | Change from Last Year – down 20.1%
Median Price – $142,400 | Change from Last Year – down 2.8%
Months’ Inventory – 6.4 months
Lubbock
192 Sales | Change from Last Year – down 23.8%
Median Price – $116,400 | Change from Last Year – up 6.4%
Months’ Inventory – 5.4 months
San Antonio
1,470 Sales | Change from Last Year – down 14.6%
Median Price – $143,500 | Change from Last Year – down 0.6%
Months’ Inventory – 8 months
Waco
166 Sales | Change from Last Year – down 9.3%
Median Price – $117,500 | Change from Last Year – up 9.2%
Months’ Inventory – 8 months
Nationally, sales of existing single-family homes dropped 1.6 percent over the past year to a 4.98 million seasonally adjusted annual pace, according to the National Association of Realtors. At $183,300, the median sales price was down 11.3 percent from a year earlier. Inventory was at 10.2 months.
Meanwhile, sales of new homes nationally were at 433,000 in October, off more than 40 percent from a year ago, according to U.S. Census Bureau data. The median sales price was $218,000. At the current sales pace, there was more than an 11-month inventory.
Source: Real Estate Center