Texas Real Estate Market Update April 2008

TEXAS (Real Estate Center, MarketWatch) – A total of 21,638 existing homes were sold in Texas last month, a 10.3 percent decline from April 2007 according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price rose 0.6 percent to $147,300 during the same period, and the state finished the month with a 6.5-month inventory on existing homes.

Here is how select Texas cities fared in April:

Amarillo
* 299 homes sold (4.9 percent increase over previous year)
* Median price of $124,900 (5.5 percent increase)
* Five-month inventory

Austin
* 2,217 homes sold (13.6 percent decrease)
* Median price of $186,900 (2.7 percent increase)
* 5.3-month inventory

(Steve’s notes: Austin is technically still in a Seller’s market with inventory of 5.3 months, however, the reality on the ground is that many areas of Austin, and the upper price ranges (over $400K), are in a buyer’s market.)

Beaumont
* 210 homes sold (2.9 percent increase)
* Median price of $126,700 (7.6 percent increase)
* 7.1-month inventory

Brownsville
* 100 homes sold (31.6 percent increase)
* Median price of $88,800 (19.3 percent decrease)
* Inventory data not available

Bryan–College Station
* 253 homes sold (10 percent increase)
* Median price of $143,200 (3.2 percent decrease)
* 6.5-month inventory

Corpus Christi
* 395 homes sold (3.9 percent increase)
* Median price of $150,600 (13 percent increase)
* 8.6-month inventory

Dallas
* 4,448 homes sold (12.4 percent decrease)
* Median price of $161,300 (2.6 percent decrease)
* 6.7-month inventory

El Paso
* 292 homes sold (54.5 percent decrease)
* Median price of $126,700 (1.1 percent decrease)
* 10.9-month inventory

Fort Worth
* 848 homes sold (10.4 percent decrease)
* Median price of $112,600 (4.4 percent decrease)
* 6.2-month inventory

Galveston
* 390 homes sold (293.9 percent increase)
* Median price of $176,000 (7.8 percent increase)
* 14-month inventory

Houston
* 6,014 homes sold (11.7 percent decrease)
* Median price of $150,300 (0.7 percent increase)
* 6.6-month inventory

Lubbock
* 322 homes sold (13 percent increase)
* Median price of $108,400 (8.1 percent increase)
* 0.3-month inventory

San Antonio
* 1,754 homes sold (16.8 percent decrease)
* Median price of $152,500 (5.2 percent increase)
* 7.1-month inventory

Texarkana
* 90 homes sold (7.2 percent decrease)
* Median price of $100,000 (7 percent increase)
* 7.7-month inventory

Victoria
* 82 homes sold (2.4 percent decrease)
* Median price of $128,000 (20 percent increase)
* 6.1-month inventory

Waco
* 207 homes sold (7.3 percent increase)
* Median price of $111,200 (1.8 percent decrease)
* 9.4-month inventory

Additional home sales data for these and other Texas cities are available on the Center’s website.

Nationally, sales of existing single-family homes fell 0.5 percent last month to a 4.34 million annual pace, down 16 percent in the past year and 32 percent from the peak, according to the National Association of Realtors (NAR). The inventory increased to 10.7 months, the highest since 1985.

Meanwhile, sales of new homes in the United States rose 3.3 percent last month to a seasonally adjusted annual rate of 526,000, according to the Commerce Department. However, sales are down 42 percent compared with a year ago. The median sales price rose 9.1 percent to $246,100, and the inventory was at 10.6 months.

Posted by Steve
8 years ago
Steve

Steve is a Real Estate Blogger, Husband and Dad, UT Austin Grad, Runner, Real Estate Broker and owner of Crossland Team and Crossland Real Estate in Austin TX.

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ed - 8 years ago

Are there stats that show what the price gains / losses and homes sold for specific price ranges per area? 50 – 125K, 125K to 200K, 200K to 275K etc…

The top of the market is hurting, but I am curious how much those homes are effecting those stats.

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Steve - 8 years ago

Hi Ed,

I’ll try to include something like that, price range breakout, in a future stats report.

Steve

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