COLLEGE STATION, Tex. (Real Estate Center) – Latest Multiple Listing Service (MLS) data show Texas home sales had a 7 percent year-over-year increase in August while the median price was up 7.4 percent.
“Generally speaking, the market’s still going strong,” said Real Estate Center Chief Economist Dr. Jim Gaines. “However, we are seeing some slowdown in demand in areas most affected by the decline in oil prices and weakness in the energy sector.”
Last month, 29,685 homes were sold statewide, almost 1,900 more than a year ago but about 1,500 fewer than in July. Gaines said the decline from July is the typical seasonal slowdown in sales.
Gaines said the state’s low housing inventory — 3.7 months in August, well below the 6.5 months that Center economists consider a balanced market — continues to elevate prices.
Last month’s median price was $203,300 compared with $189,300 a year ago and $204,700 in July.
Here’s how the state’s major metros fared in August.
August 2015 home sales data for most Texas MLSs are online at https://www.recenter.tamu.edu/data/housing-activity/.
Funded primarily by Texas real estate licensee fees, the Real Estate Center at Texas A&M University was created by the state legislature to meet the needs of many audiences, including the real estate industry, instructors, researchers and the general public. The Center is part of Mays Business School at Texas A&M University.
By Bryan Pope, Associate Editor, Real Estate Center at Texas A&M University
Sept. 28, 2015/Release No. 02-0915
This is important information from The Real Estate Center at Texas A&M University that is being re-posted here.
