Single-Family:
Sales were up by 12% in June as compared to a year ago. The average Sales price increased by 10% while the median sales price climbed by 12%. We continue to see the sales concentrated in the upper price ranges.
Pending sales remained strong up by 14% so we can anticipate another strong month in July.
The number of new listings rose 7% but, as usual, the active listings declined by 12%. Until we see increased in the number of active listings, prices will continue their march higher. The greatest shortage of homes are in the price ranges from $100,000 to $190,000.
Months of inventory now stands at 2.6 months.
Sales: 10,575
Average Sales Price: $276,463
Median Sales Price: $220,000
Pending Sales: 8,719
New Listings: 12,622
Active Listings: 19,555
Months of inventory: 2.6
Condos and Townhomes:
Sales were up 1% in June. The average sales price rose 19% and the median sales price was up by 12%. As with single-family the sales are concentrated in the upper price ranges above $250,000. Sales below $90,000 were actually down by double digits. this is primarily due to an extreme shortage in these price ranges.
Pending sales jumped by 21%. the number of new listings increased by 15% but the active listings fell by 19% dropping the months of inventory to 2.2 months.
Sales: 638
Average Sales Price: 230,352
Median Sales Price: 184,000
Pending Sales: 578
New Listings: 782
Active Listings: 1,129
Months of Inventory: 2.2
Rentals:
Rentals increased by 2%. The average rent climber by 6% while the median rent rose by 3%.
Pending rentals jumped by 1,926%. New listings had a small increase of 3% but the active listings fell by 4%. The rental market remains very tight.
Rentals: 3,242
Average Rent: $1,652
Median Rent: $1,500
Pending Leases: 1,926
New Listings: 3,956
Active Listings: 3,262
Information provided by the Real Estate Center at Texas A&M.
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