Single-Family:
Single-family home sales increased by 3% in January. The average sales price increased by 9% while the median sales price was up by 12%. We continue to see the sales concentrated in the upper price ranges with very little participation under $140,000. Pending sales were also up 3%. The number of new listings were down by 4% and the active listings by 14%. Months of inventory now stands at 3.3 months
Condos and Townhouses:
Condo and townhouse sales were off by 7%. The average sales price increased by 6% but the median sales price declined by 3%. this is an indication of an increase in sales in the lower price ranges. Pending sales increased by 3% while the number of new listings dropped by 10% and the active listings by 14%. the months of inventory is sitting at 3.9 months.
Leases:
Residential leases were off by 8%. The average rent increased by 4% and the median rent by 8%. The pending leases jumped a whopping 134%. New listings declined 5% and the active listings fell by 6%.
Information provided by the Real Estate Center at Texas A&M.
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