Home Sales Prices Drop in November

Created Tuesday, 23 December 2008 11:39

EXISTING HOME SALES, PRICES DROP IN NOVEMBER

 

TEXAS (Real Estate Center, MarketWatch) – A total of 12,816 existing homes were sold in Texas last month, a 32.9 percent decline from November 2008, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price dropped 5.4 percent to $136,900 during the same period, and the state finished the month with a 6.8-month inventory of existing homes.

Here is how select Texas cities fared in November (data current as of Dec. 23, 2008):

Sales Change from
Last Year
Median
Price
Change from
Last Year
Months’
Inventory
Amarillo 140 down 44.7% $116,500 up 1.5% 5.8
Austin 1,086 down 39.8% $179,900 down 2.9% 5.7
Beaumont 153 down 13.1% $134,400 up 12.8% 7.2
Brownsville 56 down 39.8% $88,000 down 25.9% na
Bryan–College Station 105 down 23.4% $139,200 up 5.1% 5
Corpus Christi 223 down 31.2% $130,500 up 0.4% 9.5
Dallas 2,776 down 32.7% $144,100 down 7.3% 6.3
El Paso 362 down 6.5% $132,800 down 0.6% 12
Fort Worth 492 down 38.1% $110,000 down 7.3% 5.9
Houston 3,747 down 32.1% $137,200 down 7.9% 6.3
Laredo 54 down 36.5% $117,500 down 16.6% 10
Longview-Marshall 134 down 31.6% $121,200 down 3% 6.8
Lubbock 151 down 41.5% $103,600 up 3.6% 5.5
San Antonio 1,064 down 33.1% $140,600 down 3% 8
Texarkana 49 down 24.6% $80,800 down 25.5% 7.4
Tyler 164 down 38.1% $122,700 down 9% 10.8
Victoria 50 down 28.6% $120,000 up 3.8% 5.5
Waco 114 down 32.5% $100,000 down 11.4% 7.9

 

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 and condos dropped 8.6 percent last month to a 4.49 million seasonally adjusted annual pace, according to the National Association of Realtors. At $181,300, the median sales price was down 13.2 percent from a year earlier. Inventory was at 11.2 months.

Meanwhile, sales of new homes nationally were at 407,000 in November, down more than 35 percent from a year ago, according to the U.S. Commerce Department. The median sales price was $220,400. At the current sales pace, there was an 11.5-month inventory.


Texas A&M Real Estate Center news brought to you by Mission Realty,Inc. San Antonio Real Estate

 

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