Texas Housing Sales Down Slightly Following Double-Digit Increase
Posted by Regent Property Group on Friday, January 18th, 2019 at 4:03pm. 843 Views
Texas housing sales were down 1.1 percent in November 2018, after a double-digit increase in October 2018, according to the Real Estate Center at Texas A&M University’s Texas Housing Insight.
San Antonio was the only metro area in Texas to see an increase, with a record-high 2,920 sales and a 5.2 percent increase compared to December 2017. Austin experienced a 0.2 percent decrease, and Houston experienced a 2.8 percent decrease. Dallas experienced a continued “correction” with a 12.8 decrease, and Fort Worth experienced a 4.3 decrease, according to the report.
Even with this slight drawback, the median price for a Texas home reached a record high of $235,727. Dallas and San Antonio both experienced price increases, to $288,468 and $227,750, respectively. The median price in Fort Worth dropped to $233,258, and the median price in Houston dropped to $237,144. Austin, with the highest median price in the state among the metros, dropped $9k to $304,700.
The report states, “Consumer preferences shifted toward smaller homes to combat affordability constraints, pushing the median price per square foot up across the major metros relative to last year.” The report also states the pullback “provided some breathing room for the supply of active listings,” but inventory still remained below four months statewide, with about six months’ supply considered balanced. Houston had an inventory level of 3.9 months, San Antonio had an inventory level of 3.5 months, Austin had an inventory level of 2.8 months, Dallas had an inventory level of 3.2 months, and Fort Worth had an inventory level of 2.5 months.
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