Closed sales were up and pending sales really took a jump. It’s still very much a seller’s market.

Single-Family:

Sales increased by 4% in October as compared to a year ago. The average sales price rose 5% and the median sales price climbed 9%. We continue to see the sales concentrated in the upper price ranges. The price range between $200,000-$400,000 represents about 38% of all sales and 30% of all listings.

Pending sales jumped 20%. We did see an increase of 8% in the number of new listings and a 1% increase in the active listings. The months of inventory now stands at 2.5 months. This is way short of the 6 months that is considered to be a balanced supply.

Sales: 8,138

Average Sales Price: $250,375

Median Sales Price: $200,000

Pending Sales: 8,378

New Listings: 9,655

Active Listings: 20,254

Months of Inventory: 2.5

Condos and Townhouses:

Condo and townhouse sales were up by 3%. the average sales price increased 4% while the median sales price climbed 12%. As in single-family we see the same price range representing most of the sales. Pending sales were up a healthy 17% so we can anticipate a good sales number for November. New listings fell 3% and the active listings dropped 14%. the months of inventory is now at 2.2 months making it very hard to find a good condo or townhouse.

Sales: 562

Average Sales Price: $219,621

Median Sales Price: $174,500

Pending Sales: 556

New Listings: 650

Active Listings: 1,193

Months of Inventory: 2.2

Leasing:

Leasing activity dropped 2%. The average rent rose 7% and the median rent was also up by 7%. Pending leases increased by 7% so the decline in October leasing really does not mean anything. The number of new listings fell 4% while the active listings declined by 9%. Not really much out there to lease.

Leases: 2,739

Average Rent: $1,573

Median Rent: $1,480

Pending Leases: 1,484

New Listings: 3,381

Active Listings: 3,955

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