Could it be the pain we are all feeling at the gas pump is having an affect on home sales? After resisting the national housing market meltdown of the past two years, the sales numbers in Texas have shown a bit of a slow down in May.
The Real Estate Center at Texas A&M tracks home sales according to MLS data for all of Texas. They just reported May sales. 23,969 total homes were sold. That number represents a 14.9% decline from May 2007. On a positive note the median sales price was up during the same time period. The state now has a 6.6 month supply of inventory.
Did you read the post about a buyers market? Eight months supply is when the market is considered balanced. Over eight months supply is a buyers market. Under eight months is a sellers market. The inventory supply across the nation stands at 10.9 months.
Where does Beaumont-Port Arthur stand?
- Inventory has moved up to a 7.4 month supply across the entire metro area.
- Home sales this May were down 21.9% from May 2007.
- Median price is down slightly to $127,600.
Curious about some other areas?
- Galveston has a 17.3 month supply of inventory. (Buyers market)
- Lubbock and Amarillo have less than a 6 month supply of inventory. (Sellers market)
- Austin, El Paso, Amarillo, Galveston, Houston, Lubbock, San Antonio, and Texarkana all had an increase in the median price of homes sold even though some of those cities had a fewer number of homes sell.
- For the full report log on to the Real Estate Center's Residential MLS Activity data.
Keep in mind real estate is local. So local that it differs between neighborhoods. Last week an analysis of Barrington Heights showed it was a sellers market. This week I'll look at some other neighborhoods in Southeast Texas. Want to know about your own neighborhood? Just let me know.