Sales Rebounded

Single-Family:

After being down in July, sales rebounded a sharp 12% in august. The average sales price increased 4% while the median sales price jumped 12%. Pending Sales were off by 2%. Not sure what that means for September sales at this time. The new listings fell 3% but the number of active listings rose by 3%. The months of inventory increases to 1.9 months. This is very short of the 6 months that is normally considered a balanced market.

Sales are being effected by the extreme shortage of inventory. Buyers just can not find the properties that they want to purchase.

Sales: 428

Average Sales Price: $370,226

Median Sales Price: $329,000

Pending Sales: 380

New Listings: 417

Active Listings: 574

Months of Inventory: 1.9

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