Sales and pending sales were off sharply in October

Single-Family:

Sales experienced a sharp drop of 28% in October as compared to a year ago. This is the second month in a row of declining sales. September sales were off by 3%. Homes that are in good condition and priced correctly are continuing to sell in less than a week. The average sales price fell 3% while the median sales price rose 4%. Pending sales also experienced a sharp drop of 22%. Looks like November sales will be off. The number of new listings dropped 14% and the active listings were down by 3%. The months of inventory declined to 2.2 months. This is a very low level of supply and is partially responsible for the drop in sales. Buyers are just having a hard time finding the house for them with the low supply

Sales: 78

Average Sales Price: $405,367

Median Sales Price: $357,500

Pending Sales: 74

New Listings: 111

Active Listings: 220

Months of Inventory: 2.2

Condos and Townhouses:

Condo and townhouse sales followed single-family sales down but were only off by 6%. The average sales price increased by 4% and the median price jumped 15%. This simply indicates that the sales were more in the upper price ranges. Pending sales took a hit of down by 20%. The new listings dropped 14% while the active listings fell 43%. The months of inventory now stands at 1 month. If you think it’s hard to find a single-family home you should try to find a condo or townhouse. It’s almost impossible!

Sales: 50

Average Sales Price: $160,034

Median Sales Price: $127,000

Pending Sales: 35

New Listings: 44

Active Listings: 43

Months of Inventory: 1

Leasing:

Same song 3rd verse. Leasing activity declined by 21%. The average rent rode 6% and the median rent by 4%. Pending leasing was flat. The number of new listings fell 11% but the active listings rose 8%. The months of inventory jumped to a whopping 1.9 months.

Leases: 48

Average Rent: $1,867

Median Rent: $1,800

Pending Leases: 28

New Listings: 55

Active Listings: 84

Months of Inventory: 1.9

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