Updated Market Report - Texas

By
Real Estate Broker/Owner with CIDER Properties

An updated Market report was recently released by the Real Estate Center at TAMU.  As expected, sales continue to decline in every city listed since last year.  In my opinion, this will continue to happen throughout 2009.  In our market, I have witnessed several builders/develops go out of business and new construction has slowed considerably.  Now is definitely not the time to sell your home but it is the time to purchase your first home or buy investment properties.  Is your home losing value?

EXISTING HOME SALES, PRICES DROP IN NOVEMBER 

TEXAS (Real Estate Center, MarketWatch) - A total of 12,816 existing homes were sold in Texas last month, a 32.9 percent decline from November 2008, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price dropped 5.4 percent to $136,900 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 November (data current as of Dec. 23, 2008):

  Sales

Change from
Last Year

Median
Price
Change from
Last Year
Months'
Inventory
 
Amarillo 140 down 44.7% $116,500 up 1.5% 5.8
Austin 1,086 down 39.8% $179,900 down 2.9% 5.7
Beaumont 153 down 13.1% $134,400 up 12.8% 7.2
Brownsville 56 down 39.8% $88,000 down 25.9% na
Bryan-College Station 105 down 23.4%  $139,200 up 5.1% 5
Corpus Christi 223 down 31.2% $130,500 up 0.4% 9.5
Dallas 2,776 down 32.7% $144,100 down 7.3% 6.3
El Paso 362 down 6.5% $132,800 down 0.6% 12
Fort Worth 492 down 38.1% $110,000 down 7.3% 5.9
Houston 3,747 down 32.1% $137,200 down 7.9% 6.3
Laredo 54 down 36.5% $117,500 down 16.6% 10
Longview-Marshall 134 down 31.6% $121,200 down 3% 6.8
Lubbock 151 down 41.5% $103,600 up 3.6% 5.5
San Antonio 1,064 down 33.1% $140,600 down 3% 8
Texarkana 49 down 24.6% $80,800 down 25.5% 7.4
Tyler 164 down 38.1% $122,700 down 9% 10.8
Victoria 50 down 28.6% $120,000 up 3.8% 5.5
Waco 114 down 32.5% $100,000 down 11.4% 7.9

Nationally, sales of existing single-family homes and condos dropped 8.6 percent last month to a 4.49 million seasonally adjusted annual pace, according to the National Association of Realtors. At $181,300, the median sales price was down 13.2 percent from a year earlier. Inventory was at 11.2 months.

Meanwhile, sales of new homes nationally were at 407,000 in November, down more than 35 percent from a year ago, according to the U.S. Commerce Department. The median sales price was $220,400. At the current sales pace, there was an 11.5-month inventory.

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Tanya Redic

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