TEXAS (Real Estate Center) – Newly released data from Texas Multiple Listing Services (MLS) show existing home sales are down from last year while average and median prices are up.
“Texas home sales peaked this year in May rather than the normal June-July period because of the expired tax credit stimulus,” said Real Estate Center Research Economist Dr. Jim Gaines.
“August 2010 sales were down 14 percent from August last year but were up 3.6 percent from dismal July figures, which were down 27 percent from the previous year.”
Gaines said average and median prices showed “remarkable strength” given the generally weaker market, increasing by 5.3 percent and 1.9 percent from last August, respectively.
“The higher average price reflects some improvement in the upper-end market, which has been significantly depressed the past couple of years,” he said. “The number of properties offered for sale declined in August, leaving month’s inventory effectively unchanged from July. However, the total number of properties on the market this year is 14 percent greater than in August 2009.”
While total listings were down from the previous month, the average months inventory of unsold homes at the current sales rate remained virtually unchanged at 7.9 months.
U.S. Home Sales Improved in August
By DAVID STREITFELD
Published: September 23, 2010
The National Association of Realtors said that August sales were 4.13 million on a seasonally adjusted annual basis, down 19 percent from August 2009 but up 7.6 percent from the previous month.
One strong effect on prices will be the supply of homes on the market. Supply declined slightly in August but is still at an elevated level. It takes about year to sell a house, the Realtors’ group said. That is more than double the time in a healthy market.
Published: September 23, 2010
The National Association of Realtors said that August sales were 4.13 million on a seasonally adjusted annual basis, down 19 percent from August 2009 but up 7.6 percent from the previous month.
One strong effect on prices will be the supply of homes on the market. Supply declined slightly in August but is still at an elevated level. It takes about year to sell a house, the Realtors’ group said. That is more than double the time in a healthy market.
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MARKETS MOST LIKELY TO APPRECIATE
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Cities were chosen because they offered a mix of jobs weighted toward growth industries.
Cities were chosen because they offered a mix of jobs weighted toward growth industries.
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