Sales of existing single-family homes in Texas in May were down 15 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.
Just over 19,500 existing single-family homes were sold.
The median home price was up 1 percent to $149,800, and the state’s overall inventory was at 8.2 months.
May 2011 MLS data for many Texas cities are available on the Center’s website. Here is a sampling (data current as of June 30, 2011):
| Sales | Change from Last Year |
Median Price |
Change from Last Year |
Months’ Inventory |
|
| Abilene | 154 | down 23% | $120,600 | up 21% | 6.8 |
| Austin | 2,077 | down 9% | $196,800 | up 4% | 7 |
| Beaumont | 143 | down 29% | $120,700 | down 2% | 12.4 |
| Dallas | 4,134 | down 15% | $166,000 | up 3% | 7.3 |
| Fort Worth | 776 | down 15% | $113,800 | down 5% | 7.3 |
| Garland | 185 | down 7% | $95,000 | down 5% | 6.4 |
| Houston | 5,522 | down 13% | $155,100 | up 2% | 8.1 |
| Killeen- Fort Hood |
191 | down 29% | $120,400 | down 3% | 7.5 |
| Longview- Marshall |
170 | down 23% | $129,600 | down 2% | 10.9 |
| Lufkin | 53 | No change | $102,000 | down 16% | 10.4 |
| McAllen | 130 | down 28% | $114,300 | up 10% | 14.4 |
| Port Arthur | 48 | down 25% | $108,000 | up 15% | 13.2 |
| San Antonio | 1,832 | down 10% | $151,800 | up 4% | 8.6 |
| Texarkana | 53 | down 40% | $98,800 | down 12% | 10.7 |
| Waco | 202 | down 9% | $117,300 | up 8% | 9.8 |
| Texas | 19,543 | down 15% | $149,800 | up 1% | 8.2 |
Source: Real Estate Center
TMG’s Viewpoint and Take-Away
If you look at all the major metropolitan areas you will notice that they were all down in number of sales but that their average sales prices were up as well and the months of inventory are nearing the balancing point of 6 months. In addition to this, for the DFW area specifically, we have been inundated with news of how much construction is going on, that is aways a good sign of a strong economy.
We have been saying it for a while, any buyers who are in the market, but don’t purchase now, are going to be kicking themselves in the future. Lowest rates and a buyer’s market still hanging on, it doesn’t get better than that for a buyer.
For more info or to answer any questions:
www.TheMattesonGroup.com
Coldwell Banker Apex, Realtors
214.405.3640
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