February Existing Homes Sales Prices Decline

Created Tuesday, 31 March 2009 18:42

FEBRUARY EXISTING HOME SALES, PRICES DECLINE

 TEXAS (March 31, 2009 RECON Real Estate Center, Reuters, CNN Money) – A total of 13,312 existing homes were sold in Texas last month, a 25.4 percent decline from February 2008, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price dropped 2.9 percent to $138,300 during the same period, and the state finished the month with a 6.7-month inventory of existing homes.

Here is how select Texas cities fared in February (data current as of March 31, 2009):

 

Sales Change from
Last Year
Median
Price
Change from
Last Year
Months’
Inventory
Amarillo 179 down 34.7% $118,800 down 3.2% 6.1
Austin 1,196 down 29.9% $187,900 up 4.2% 6.1
Beaumont 139 down 9.2% $132,800 up 10.1% 7.4
Bryan–College Station 91 down 25.4% $139,500 up 7.6% 5.9
Corpus Christi 235 down 17.3% $133,800 down 2.1% 9.3
Dallas 2,916 down 24.6% $145,900 down 1% 6.3
El Paso 326 down 0.6% $130,900 down 2.2% 11.4
Fort Worth 491 down 35.8% $107,000 down 7.5% 6.2
Houston 3,762 down 25.3% $138,100 down 8.5% 6.1
Laredo 57 down 16.2% $121,400 down 8% 9.1
Longview-Marshall 132 down 21.9% $118,800 up 3.7% 7.2
Lubbock 199 down 10.4% $112,600 up 11.2% 5.7
San Antonio 1,124 down 27.3% $143,300 up 0.2% 8.2
Texarkana 53 down 18.5% $107,100 up 13.7% 7.6
Tyler 178 down 15.6% $136,000 up 4.1% 10.6
Waco 135 down 14% $101,100 down 8.1% 7.7

 

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

Nationally, sales of existing single-family homes last month were down 4.6 percent compared with February 2008, according to the National Association of Realtors. Sales were at a 4.72 million annual rate. At $165,400, the median sales price was down 15.5 percent from a year earlier. Inventory was at 9.7 months.

Meanwhile, the U.S. Census Bureau reported that new home sales rose 4.7 percent to a seasonally adjusted annual rate of 337,000 in February from a revised 322,000 in January. While February purchases were up from January’s record low, the sales rate was still down more than 41 percent from February 2008, when sales were an estimated 572,000. The report also showed that the median sales price of new houses sold in February was $200,900, down 18 percent from $245,300 a year ago.

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