Houston, Texas Real Estate Market Update

Following is an update on the Texas Real Estate market for August 2008 as distributed by the Texas Real Estate Center.  In part, due to inclement weather, Houston recorded a nearly eighteen percent drop in homes sold. 

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TEXAS (Real Estate Center, MarketWatch) – A total of 22,587 existing homes were sold in Texas in August, an 18 percent decline from August 2007, according to MLS data compiled by the Real Estate Center at Texas A&M University. The median price dropped 0.7 percent to $151,600 during the same period, and the state finished the month with a seven-month inventory of existing homes.

Here is how select Texas cities fared in August:

Amarillo

• 284 homes sold (9.8 percent decrease from previous year)

• Median price of $129,500 (2.7 percent decrease)

• 5.7-month inventory

Austin

• 2,221 homes sold (20.8 percent decrease)

• Median price of $194,000 (1.8 percent increase)

• 6-month inventory

Brownsville

• 90 homes sold (19.6 percent decrease)

• Median price of $102,500 (22 percent decrease)

• Inventory not available

Bryan–College Station

• 293 homes sold (7.9 percent decrease)

• Median price of $150,700 (4.1 percent increase)

• 5.4-month inventory

Corpus Christi

• 377 homes sold (11.3 percent decrease)

• Median price of $135,800 (7.2 percent decrease)

• 9.3-month inventory

Dallas

• 4,702 homes sold (19.5 percent decrease)

• Median price of $162,100 (3.3 percent decrease)

• 6.7-month inventory

El Paso

• 433 homes sold (21.8 percent decrease)

• Median price of $133,300 (4 percent decrease)

• 12.7-month inventory

Fort Worth

• 861 homes sold (26.3 percent decrease)

• Median price of $117,700 (3.7 percent decrease)

• 6.2-month inventory

Houston

• 6,464 homes sold (17.7 percent decrease)

• Median price of $158,900 (1 percent increase)

• 6.7-month inventory

Laredo

• 75 homes sold (26.5 percent decrease)

• Median price of $130,000 (3.7 percent decrease)

• 9.8-month inventory

Longview-Marshall

• 216 homes sold (19.1 percent decrease)

• Median price of $123,800 (3.4 percent increase)

• 7.7-month inventory

Lubbock

• 342 homes sold (3.1 percent decrease)

• Median price of $116,800 (11.3 percent increase)

• 5.4-month inventory

San Antonio

• 1,775 homes sold (26.3 percent decrease)

• Median price of $152,000 (0.3 percent increase)

• 8-month inventory

Texarkana

• 95 homes sold (14.5 percent increase)

• Median price of $88,800 (21.3 percent decrease)

• 7.6-month inventory

Victoria

• 86 homes sold (6.5 percent decrease)

• Median price of $125,700 (0.2 percent increase)

• 6-month inventory

Waco

• 260 homes sold (8.3 percent increase)

• Median price of $109,400 (10.5 percent decrease)

• 8.4-month inventory