Texas Outperforms Nation in October Home Sales

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

Reference: http://recenter.tamu.edu/recon/