The facts about Texas real estate
 

What's really going on with Texas real estate?
JAN. 15, 2010

The facts about Texas real estate

 
 

Texas home sales prices

  • Median sales price (half of all homes sold are priced higher and half are priced lower) in Nov. 2009: $143,500, up 4.6% from Nov. 2008
  • Median sales price for 2009 (year-to-date estimate): $146,000, statistically unchanged from 2008
  • Average sales price in Nov. 2009: $183,500, up 2.3% from Nov. 2008
  • Average sales price for 2009 (year-to-date estimate): $185,100, down 3.4% from 2008
    Source: Real Estate Center at Texas A&M University

Sales prices in states that had rapid rises and drops in values

  • Arizona median sales price in Nov. 2009: $135,000, down 13% from $155,000 in Nov. 2008
  • Florida median sales price in Nov. 2009: $139,000, down 12% from $158,000 in Nov. 2008
    Sources: Florida REALTORS®, Arizona Regional MLS

National home sale prices

  • National median sales price in Nov. 2009: $171,900, down 4.4% from $179,900 in Nov. 2008
    Source: National Association of REALTORS®

Home prices appreciation

  • Texans spend an average of 6 years in their home
  • The median home sales price in Texas has increased $18,700 from Nov. 2003 to Nov. 2009
  • The average home sales price in Texas has increased $23,000 from Nov. 2003 to Nov. 2009
    Source: Real Estate Center at Texas A&M University

Texas home sales

  • Total sales in 2008: 232,101, down 16% from 2007
  • Total sales in Nov. 2009: 17,408 up 62% from the beginning of the year (based on a total of 10,725 home sales in Jan. 2009)
  • Months of inventory (how long it would take at the current rate to sell all homes on the market) in Nov. 2009: 6.7 months
    Source: Real Estate Center at Texas A&M University

Mortgage rates

  • 30-year fixed-rate mortgages for the week ending Jan. 8, 2010: 5.13%
  • 15-year fixed-rate mortgages for the week ending Jan. 8, 2010: 4.45%
    Source: Mortgage Bankers Association
  • 30-year fixed-rate mortgages in August 2008: 6.48%
  • 30-year fixed-rate mortgages in October 1981: 18.45%
    Source: Freddie Mac

Loan amount with an $800 payment on a 30-year 5.13% loan: $146,844
Loan amount with an $800 payment on a 30-year 6.48% loan: $126,832
Loan amount with an $800 payment on a 30-year 18.45% loan: $51,818

Foreclosures

  • Texas was 24th on the list of foreclosure rates for Nov. 2009
  • Nevada’s (1st on the list) foreclosure rate was down 33% in the Nov. 2009 compared Nov. 2008
  • California (3rd on the list) had six times as many foreclosures than Texas in Nov. 2009
  • Florida (4th on the list) had four times as many foreclosures than Texas in Nov. 2009
  • More than 50% of all Nov. 2009 foreclosure filings in the U.S. occurred in California, Florida, Illinois and Michigan
  • Foreclosures during the third quarter of 2009 in Texas were up 8.72% compared to the third quarter of 2008
  • Foreclosures in Texas increased 54.2% from 2008 to 2009
    Source: RealtyTrac


 
 

 

 

 

 

RESOURCES

Find a Texas REALTOR®

First-time buyers: Find a Texas Affordable Housing Specialist

Find Texas housing data compiled by the Real Estate Center at Texas A&M

Check out the Inside Texas Real Estate Podcast

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