According to The Real Estate Center at Texas A&M a total of 13,312 homes were sold in Texas last month. That number represents a 25.4% decline from February 2008. To see how Beaumont home sales fared, check out the chart.
This data is from The Real Estate Center which complies the data from local MLS data.
Beaumont is still posting home gains. Our median home prices are up 10.1% from last February. Sales are down 9.2% which may indicate the difficulty buyers are having getting approved for financing these days but it hasn't started to take a toll on home prices yet. Our months supply of inventory is at 7.4 months. Right about six months is ideal market conditions. If we start accumulating over eight months supply then it will be hard not to have some downward pricing pressure start to have an effect on the housing market.
Nationally, the inventory level is at 9.7 months. Still tipped in favor of home buyers but that number is coming down. Its off the high which was over 11 months supply last year. Nationally, sales were down about 4.6%. The National median sales price was down to $165,400. Off about 15% from February 2008.
Other interesting facts:
- Only Lubbock and Texarkana had a larger median price increase than Beaumont
- Fort Worth saw the largest drop in sales 35.8%
- Only Austin, Bryan, Corpus, Dallas, Houston, San Antonio, and Tyler have a higher median price than Beaumont.
- Lubbock and Bryan has the lowest supply of inventory at less than 6 months.
- Not a single city had more sales in Feb. 2009 than in Feb. 2008
You can find all kinds of great data on home sales at the Real Estate Center at Texas A&M. For all of you Beaumont Home buyers and sellers out there, keep watching the months' supply of inventory number. It might be the single most important factor influencing what will happen with our home prices this year.