Residential single family sales rebounded in September from the small dip that occurred in August. September sales were up by 6%. Sales prices continued their upward trend. Average sales price was up by 8% and the median price was also up by 8%. Pending sales were up by a strong 27% which means we can look forward to a strong October report. There was a small increase in the number of new listings (5%) but the number of active listings continues to shrink being down by 10%. The months of inventory remains very low at 2.7 months. Until we see the months of inventory start to rise prices will continue to go up.
Condos and townhomes experienced a slight drop in sales (1%) but the average sales price was up by 7% and the median sales price was up by 14% indicating more sales at the upper end of the price range. Pending condo and townhouse sales were up by a strong 12% and while we has a small increase of new listings (2%) the number of active listings continued to decline down 10%. The months of inventory for condos and townhouses remains low at 2.8 months.
I had clients last week looking for a new build. Over the course of the week we visited with a large number of builders and almost none of them had any spec homes to purchase. The new homes market is tighter that the existing home market.
Single Family:
Sales: 7,841
Average Sales Price: $239,124
Median Sales Price: $186,500
Pending Sales: 7,200
New Listings: 8,892
Active Listings: 21,088
Condos and Townhouses:
Sales: 504
Average sales Price: $208,637
Median Sales Price: $164,500
Pending Sales: 454
New Listings: 624
Active Listings: 1,408
Information provided by the Real
Estate Center at Texas A&M
Estate Center at Texas A&M
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