Well, it had to happen sooner or later!
For the first time in I don't know when sales fell for the month! July sales declined by 2% and the pending sales number fell by 9%. Did buyers just decide to go on vacation. Give up looking because they can not find a house or condo due to the supply problem. Maybe they are just tired of making offers only to get beat out by a higher price. Could it be that prices have been pushed too high and buyers are saying "I'm not paying that price"! Or, is it a combination of these factors. Perhaps it's a one time thing and sells will rebound. Only time will tell.
The sales decline did not only affect single-family homes but also condos and townhomes as well as rental units. Condo and Townhouse sales fell 11% with pending sales down 12%. Rentals dropped 8% and pending rentals were off by 9%.
The average sales price for a single-family continued to rise and was up by 5% while the median sales price increased 9%. The new listings fell 9% and the active listings dropped 4%. This is not helping the supply situation! The months of inventory now stands at 2.4 months.
Sales: 10,011
Average Sales Price: $277,966
Median Sales Price: $230,000
Pending Sales: 10,240
New Listings: 12,741
Active Listings: 20,546
Months of Inventory: 2.4
Information provided by The Real Estate Center at Texas A&M.
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