The Sellers Market Continues

Single-Family:

Sales were up a strong 9% in June as compared to a year ago. The average sales price increased by 6% while the median sales price rose 8%. We contin with the supply ue to see sales concentrated in the upper price ranges. Pending sales took a huge jump of 33% so it looks like we will see a large jump in the July sales number. There was a large increase of 24% in the number of new listings and a 31% rise in the active listings. Theses increased causes the months of inventory to increase to 1.8 months and while this helps with supply the inventory levels are still way short of the 6 months that is considered a balanced supply.

Sales: 306

Average Sales Price: $326,185

Median Sales Price: $298,500

Pending Sales: 285

New Listings: 375

Active Listings: 417

Months of Inventory: 1.8

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