Sales of single-family homes were off slightly in September as active listings continue to decline. Sales of condos/townhouses increased.

Single-Family:

Sales declined by 3%. The average sales price increased by 11% and the median sales price by 10%. As long as inventories fall, prices will continue to increase.

Pending sales dropped 6%. The fall off in sales and pending sales is a direct result of the declining inventory. Buyers are just having a very hard time finding a home.

New listings fell by 10% and the active listings by 9% leaving the months of inventory at 2.1 months.

Sales: 103

Average Sales Price: $428,652

Median Sales Price: $387,250

Pending Sales: 90

New Listings: 120

Active Listings: 221

Months of Inventory: 2.1

Condos and Townhouses:

Condo and townhouse sales increased by 9% as compared to a year ago. The average sales price jumped by 26% and the median sales price by 21%. Sales of higher price units helped pull these prices up.

Pending sales showed  a strong increase of 35%. The number of new listings dropped by 32% and the new listings declined by a whopping 59%. The months of inventory now stands at 0.8 months. It’s really tough if you are looking for a condo or townhouse in this area.

Sales: 51

Average Sales Price: $200,815

Median Sales Price: $149,850

Pending Sales: 50

New Listings: 41

Active Listings: 37

Months of Inventory: 0.8

Leases:

Leasing activity rose 46%. The average rent increased by 7% while the median rent climbed by 3%.

Pending leases jumped 63%. New listings increased by 8% and the active listings by 4%. The months of inventory is now at 2.2 months. Still got to work hard to find a place to rent.

Leases: 54

Average Rent: $1,826

Median Rent: 1,700

Pending Leases: 26

New Listings: 77

Active Listings: 101

Months of Inventory: 2.2

Information provided by The Real Estate Center at Texas A&M.