14% Swing Up from July!

Single Family:

After being down 2% in July, sales jumped up 12% in August. The average sales price rose 8% while the median sales price increased 10%. Pending sales were up 3%. The number of new listings fell 1%. The active listings declined 6%. The months of inventory now stands at 2.3 months.

We continue to have a shortage of homes on the market and this is making it very difficult for Buyers to find something to purchase. Homes under $199,999 are in extremely short supply with lots of potential purchasers fighting for these homes. Things are not much better in the range from $200,000 to $399,999. Between $400,000 and $599,000 there is around a 4.5 months supply. Much closer to the 6 months that is considered balanced. Above $600,000 buyer’s have a number of choices.

Sales: 10,860

Average Sales Price: $280,402

Median Sales Price: $230,000

Pending Sales: 10,045

New Listings: 11,511

Active listings: 19,964

Months of Inventory: 2.3

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