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TEXAS HOUSING INSIGHTLUIS B. TORRES
RESEARCH ECONOMISTJAMES P. GAINESCHIEF ECONOMIST WAYNE DAY
RESEARCH ASSOCIATE
TR T E C H N I C A L R E P O R T
O C T O B E R 2 0162 1 2 0
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ContentsAboutthisReport................................................................................................................................3
August2016Summary........................................................................................................................4
Supply..................................................................................................................................................6
ResidentialConstructionCoincidentandLeadingIndicator............................................................6
Single-FamilyHousingConstructionPermits...................................................................................6
MajorMetrosSingle-FamilyHousingConstructionPermits............................................................7
BorderMetrosSingle-FamilyHousingConstructionPermits...........................................................7
HousingStarts..................................................................................................................................8
TotalNewPrivateSingle-FamilyConstructionValue.......................................................................8
MonthsofInventory........................................................................................................................9
MajorMetrosMonthsofInventory.................................................................................................9
BorderMetrosMonthsofInventory..............................................................................................10
Demand..............................................................................................................................................10
HousingSales.................................................................................................................................10
MajorMetrosHousingSales..........................................................................................................11
BorderMetrosHousingSales.........................................................................................................11
30-YearMortgageRateand10-YearBondYield............................................................................12
TexasHomesDaysonMarket........................................................................................................12
MajorMetrosExistingHomesDaysonMarket..............................................................................13
BorderMetrosExistingHomesDaysonMarket............................................................................13
MajorMetrosNewHomesDaysonMarket...................................................................................14
BorderMetrosNewHomesDaysonMarket.................................................................................14
Prices..................................................................................................................................................14
HousingPriceIndex........................................................................................................................15
MajorMetrosHousingPriceIndex.................................................................................................15
UnitedStatesExistingandNewHomeAverageSalesPrice...........................................................16
TexasExistingandNewHomeAverageSalesPrice........................................................................16
MajorMetrosExistingHomeAverageSalesPrice.........................................................................17
BorderMetrosExistingHomeAverageSalesPrice........................................................................17
MajorMetrosNewHomeAverageSalesPrice..............................................................................18
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BorderMetrosNewHomeAverageSalesPrice.............................................................................18
UnitedStatesExistingandNewHomeMedianSalesPrice............................................................19
TexasExistingandNewHomeMedianSalesPrice........................................................................19
MajorMetrosExistingHomeMedianSalesPrice..........................................................................20
BorderMetrosExistingHomeMedianSalesPrice.........................................................................20
MajorMetrosNewHomeMedianSalesPrice...............................................................................21
BorderMetrosNewHomeMedianSalesPrice..............................................................................21
TexasHomeAveragePricePerSquareFoot..................................................................................22
MajorMetrosExistingHomeAveragePricePerSquareFoot........................................................22
BorderMetrosExistingHomeAveragePricePerSquareFoot.......................................................23
MajorMetrosNewHomeAveragePricePerSquareFoot.............................................................23
BorderMetrosNewHomeAveragePricePerSquareFoot...........................................................24
TexasHomeMedianPricePerSquareFoot...................................................................................24
MajorMetrosExistingHomeMedianPricePerSquareFoot.........................................................25
BorderMetrosExistingHomeMedianPricePerSquareFoot.......................................................25
MajorMetrosNewHomeMedianPricePerSquareFoot..............................................................26
BorderMetrosNewHomeMedianPricePerSquareFoot............................................................26
TexasHomeSalePricetoListPriceRatio.......................................................................................27
MajorMetrosExistingHomeSalePricetoListPriceRatio............................................................27
MajorMetrosNewHomeSalePricetoListPriceRatio.................................................................28
HousingOpportunityIndex(AffordabilityIndex)...........................................................................28
ExuberantHousingPriceBehavior.................................................................................................29
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AboutthisReport
RealEstateCentereconomistscontinuouslymonitormanyfacetsoftheglobal,nationalandTexaseconomies.TexasHousingInsightisasummaryofimportanteconomicindicatorsthathelpdiscerntrendsintheTexashousingmarkets.
ThismonthlypublicationprovidesdataandinsightsontheTexashousingmarkets.Wehopeyoufindthemuseful.Yourfeedbackisalwaysappreciated.Sendcommentsandsuggestionstoinfo@recenter.tamu.edu.
Dr.JamesGaines,Dr.LuisTorresandWayneDay
Data current as of October 7, 2016
© 2016, Real Estate Center. All rights reserved.
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August2016Summary
TheTexaseconomymarchedforwardinAugust.Totalemploymentexpanded1.6percentyear-over-yearwithamonthlygainof10,400jobs.Monthlyjoblossescamefromthetrade,transportationandutilities,manufacturing,andtheoilandgasextractionsectors.Houstoncontinuestobeadragonoverallemploymentwithgoods-producingjobsdown4.9percentfromayearago.HousingdemandincreasedacrossthestateduringAugustthoughmixedamongthemetros.Statebuildingpermitsincreasedovertheyearandoverthemonthpriorthoughataslowerratethanyearsprior.
Supply
TheTexasResidentialConstructionLeadingIndex(RCLI),whichsignalsfuturedirectionalchangesintheresidentialconstructionbusinesscycleofsingleandmultifamilyhousing,declined.TheRCLIwasnegativelyaffectedbymonthlydeclinesinhousingstartsandweightedbuildingpermits.TheTexasResidentialBusinessCycle(Coincident)Index,themeasureofcurrentconstructionactivity,alsofellasinflation-adjustedresidentialconstructionvaluesdeclined.TheRCLIindicatesslowgrowthinfutureresidentialconstructionwhilethecoincidentindexregisteredaslowdownincurrentactivity.Housingstartsdecreased21.6percentseasonallyadjustedyear-over-year.
Single-familyhousingconstructionpermitsstatewideincreasedoverthepriormonthandayearago.Inrecentmonths,Texas’buildingpermitsshowedsignsofslowingcomparedwiththetrendfrom2011through2014.AllmajorTexasmetrospostedpermittinggainsyear-over-year.Houston(3,234)andDallas-FortWorth(2,939)stillledthenationinthenumberofsingle-familypermitsissued,followedbyAtlanta(2,167),Phoenix(1,637),andCharlotte(1,444).
MonthsofinventoryforexistinghomesacrossTexasremainedlowat3.7months.ThemonthsofinventoryhasremainedfairlystablesinceMay2015.Thenationreported4.3monthsofinventory.(Around6.5monthsofinventoryisconsideredbalanced).
Demand
TotalTexashousingsalesincreased7.4percentyear-over-yearseasonallyadjusted(7.2percentonanonseasonallyadjustedbasis)comparedwithapositive8.8percentinthenation(8.4percentonanonseasonallyadjustedbasis).Austin(7.4percent),Dallas-FortWorth(5.2percent),Houston(8.3percent),andSanAntonio(12.1percent)allincreasedyear-over-year.Themetrosgainedonamonthlybasisaswell.Onayear-to-datebasis,Houstonisaheadof20151.1percentwhileDallas-FortWorthisupby4.8percent(nonseasonallyadjusted).
Mortgageinterestratesremainedbelow4percent.TheFederalHomeLoanMortgageCorporationreportedasteady3.44percentaveragerateona30-yearfixed-ratemortgage,whiletheten-yearU.S.Treasurybondyieldtickedupto1.56percentfrom1.50themonthprior.
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Thenumberofdaysanexistinghomewasonthemarketremainedlowat53daysrelativetopriorperiods,reflectingthetightsupply.Duringthesamemonth,newhomesregisteredlongersalesperiodsthanexistinghomesat93days.Theaveragestatewidedifferencetosellanewhomeversusanexistinghomewas40days.Innumberofdays,newhomesinHouston(97)andAustin(88)tooklongertosellcomparedtoDallas-Plano-Irving(75),FortWorth-Arlington(81),andSanAntonio(82).
Prices
AverageandmediansalespriceshaverisendramaticallyinTexassince2011.Althoughpriceswerestillgenerallyincreasing,thereweresignsofdeceleration.AustinwasthehousepriceappreciationleaderthroughAugustwithpricesremainingwellabovetheothermajormetros.NonenergyemploymentgrowthandastrongservicessectorcausedDallas-FortWorthtoalsoregisterstrongpriceappreciation.Duetorecentdeclinesintheenergysectorandtheresultingeconomicslowdown,Houstoncontinuedtosoftenintherateofpricegrowthaheadoftheothermetros.SanAntoniopriceincreaseshavealsosoftenedsomewhat.MedianpricesfornewhomesinDallasandHoustonareonparwithandhaveexceededAustinnewhomeprices.
Thesofteninginpricegrowthisbeingstronglyinfluencedbyreducedpricesfornewhomesratherthanexistinghomes,especiallyatthehigherpriceend.ThedifferencefromtheinitiallistingpricetotheactualsalespricefornewhomeshassteadilywidenedinTexassinceearly2014.Incontrastforexistinghomes,thelisting-to-salepricedifferencehasflattened,probablyreflectingachangeinmarketconditionsforthesellersofnewhomes.
Since2011,newhomepriceshaveexceededexistinghomepricesby48percentand37percentbasedonmedianandaveragesalesprices,respectively.Thispricedifferentialresultsprimarilybecauseofincreasesinhomesizefornewerhomesandthesignificantincreasesinconstructionandlandcostsfornewhomes.TheaveragepricepersquarefootforanewhomeinTexasisapproximately19percentmorethanforanexistinghome.
Withrapidpriceappreciation,TexasaffordabilitycontinuedtofallrelativetotheU.S.,especiallyinthemajorMSAs.TheHousingOpportunityIndexforAustinandDallas—measuringthepercentofhomesaffordabletothoseearningthemedianfamilyincomeforthearea—arefoundtobebelowthenationalvalue,indicatingtheyarerelativelylessaffordablethantherestofthecountry.Incontrast,FortWorthisrelativelymoreaffordablethanthenation,whileSanAntonioseemstoregisterrelativelythesameaffordabilityastheUnitedStates.LowerpricesinHoustonalsoresultedinanincreaseofaffordability.
ThemapprovidesdetailedinformationregardingTexas25MSAsexperiencingepisodesof“explosivebehavior”inhouseprices,meaningamisalignmentinhousepricesfromtheirfundamental-basedintrinsicvalues.TheCollegeStation-BryanMSAhadaperiodofexplosivebehaviorin2Q2016,whiletheDFW(inparticularDallas),AustinandVictoriaMSAspostedsomeunusualpricemovements.Theseregionsshouldcontinuetobetrackedinthedetectionofpossiblemisalignmentswitheconomicfundamentalsofdemandandsupply.
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Supply
Note:Seasonallyadjustedanddetrended.Sources:RealEstateCenteratTexasA&MUniversityandFederalReserveBankofDallas
Note:Seasonallyadjustedanddetrended.Sources:U.S.CensusBureauandRealEstateCenteratTexasA&MUniversity
40
50
60
70
80
90
100
110Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
TexasCoincidentIndexUnitedStatesCoincidentIndexTexasLeadingIndex
20
30
40
50
60
70
80
90
100
110
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
UnitedStates Texas
Single-FamilyHousingConstructionPermits(IndexJan2007=100)
ResidentialConstructionCoincidentandLeadingIndicator(IndexJan2007=100)
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7
Note:Seasonallyadjustedanddetrended.Sources:U.S.CensusBureauandRealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Sources:U.S.CensusBureauandRealEstateCenteratTexasA&MUniversity
20
30
40
50
60
70
80
90
100
110
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
Austin-RoundRockDallas-FortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
30
40
50
60
70
80
90
100
110
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
Brownsville-Harlingen ElPaso Laredo McAllen-Edinburg-Mission
MajorMetrosSingle-FamilyHousingConstructionPermits(IndexJan2007=100)
BorderMetrosSingle-FamilyHousingConstructionPermits(IndexJan2007=100)
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8
Note:Seasonallyadjustedanddetrended.Sources:U.S.CensusBureauandBankofTokyo-MitsubishiUFJ
Note:Inflationadjusted.Seasonallyadjustedanddetrended.Source:DodgeAnalytics
20
30
40
50
60
70
80
90
100
110
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
UnitedStates Texas
30
40
50
60
70
80
90
100
110
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
TexasAustin-RoundRockDallas-FortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
HousingStarts(IndexJan2007=100)
TotalNewPrivateSingle-FamilyConstructionValue(IndexJan2007=100)
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9
Note:Seasonallyadjustedanddetrended.MonthsofinventoryfortheUnitedStatesisestimatedusingweightsforallexistinghomesandnewsingle-familyhomes;newnon-single-familyhomesarenotincluded.Texasincludesallexistingandnewhomes.Sources:U.S.CensusBureau,NationalAssociationofRealtorsandRealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Sources:RealEstateCenteratTexasA&MUniversity
3
4
5
6
7
8
9
10
11
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
UnitedStates Texas
1
2
3
4
5
6
7
8
9
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
Austin-RoundRockDallas-FortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
MonthsofInventory(Months)
MajorMetrosMonthsofInventory(Months)
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10
Note:Seasonallyadjustedanddetrended.Source:RealEstateCenteratTexasA&MUniversity
Demand
Note:Seasonallyadjustedanddetrended.SalesfortheUnitedStatesincludeallexistinghomesandnewsingle-familyhomes;newnon-single-familyhomesarenotincluded.Texasincludesallexistingandnewhomes.Sources:U.S.CensusBureau,NationalAssociationofRealtors,andRealEstateCenteratTexasA&MUniversity
456789
1011121314151617
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Brownsville-Harlingen ElPasoLaredo McAllen-Edinburg-Mission
60
65
70
75
80
85
90
95
100
105
110
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
UnitedStates Texas
HousingSales(IndexJan2007=100)
BorderMetrosMonthsofInventory(Months)
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11
Note:SeasonallyadjustedsalesreportedbyMLSanddetrended.Source:RealEstateCenteratTexasA&MUniversity
Note:SeasonallyadjustedsalesreportedbyMLSanddetrended.Source:RealEstateCenteratTexasA&MUniversity
556065707580859095100105110115120125
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
Austin-RoundRockDallas-FortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
6065707580859095100105110115120125
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
Brownsville-HarlingenElPasoLaredoMcAllen-Edinburg-Mission
MajorMetrosHousingSales(IndexJan2007=100)
BorderMetrosHousingSales(IndexJan2007=100)
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12
Note:Seasonallyadjusted.Sources:FederalHomeLoanMortgageCorporationandFederalReserveBoard
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Jan-07
Jun-07
Nov-07
Apr-08
Sep-08
Feb-09
Jul-0
9
Dec-09
May-10
Oct-10
Mar-11
Aug-11
Jan-12
Jun-12
Nov-12
Apr-13
Sep-13
Feb-14
Jul-1
4
Dec-14
May-15
Oct-15
Mar-16
Aug-16
Mortgage Bond
50
60
70
80
90
100
110
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
ExistingHomeDaysonMarketNewHomeDaysonMarket
30-YearMortgageRateand10-YearBondYield(Percent)
TexasHomesDaysonMarket(Days)
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13
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
25
35
45
55
65
75
85
95
105
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
50
60
70
80
90
100
110
120
130
140
150
160
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Brownsville-Harlingen ElPasoLaredo McAllen-Edinburg-Mission
MajorMetrosExistingHomesDaysonMarket(Days)
BorderMetrosExistingHomesDaysonMarket(Days)
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14
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
70
80
90
100
110
120
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRock Dallas-Plano-Irving
FortWorth-Arlington Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
20
40
60
80
100
120
140
160
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Brownsville-Harlingen ElPasoLaredo McAllen-Edinburg-Mission
MajorMetrosNewHomesDaysonMarket(Days)
BorderMetrosNewHomesDaysonMarket(Days)
![Page 16: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/16.jpg)
15
Prices
Note:Seasonallyadjusted.Source:FederalHousingFinanceAgency
Note:Seasonallyadjusted.Source:FederalHousingFinanceAgency
7580859095100105110115120125130135140
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II
2007 2008 2009 2010 2011 2012 2013 2014 2015 16
UnitedStates Texas
859095100105110115120125130135140145150155160165
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II
2007 2008 2009 2010 2011 2012 2013 2014 2015 16
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfelsElPaso
HousingPriceIndex(IndexQ12007=100)
MajorMetrosHousingPriceIndex(IndexQ12007=100)
![Page 17: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/17.jpg)
16
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:FederalReserveBankofSt.Louis
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
200,000
220,000
240,000
260,000
280,000
300,000
320,000
340,000
360,000
380,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
ExistingHomeAverageSalesPrice
NewHomeAverageSalesPrice
170,000
190,000
210,000
230,000
250,000
270,000
290,000
310,000
330,000
350,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
ExistingHomeAverageSalesPrice
NewHomeAverageSalesPrice
TexasExistingandNewHomeAverageSalesPrice($)
UnitedStatesExistingandNewHomeAverageSalesPrice($)
![Page 18: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/18.jpg)
17
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
150,000
175,000
200,000
225,000
250,000
275,000
300,000
325,000
350,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
110,000
120,000
130,000
140,000
150,000
160,000
170,000
180,000
190,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Brownsville-HarlingenElPasoLaredoMcAllen-Edinburg-Mission
MajorMetrosExistingHomeAverageSalesPrice($)
BorderMetrosExistingHomeAverageSalesPrice($)
![Page 19: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/19.jpg)
18
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
200,000
220,000
240,000
260,000
280,000
300,000
320,000
340,000
360,000
380,000
400,000
420,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
130,000
140,000
150,000
160,000
170,000
180,000
190,000
200,000
210,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Brownsville-Harlingen ElPasoLaredo McAllen-Edinburg-Mission
MajorMetrosNewHomeAverageSalesPrice($)
BorderMetrosNewHomeAverageSalesPrice($)
![Page 20: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/20.jpg)
19
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:FederalReserveBankofSt.Louis
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
130,000
150,000
170,000
190,000
210,000
230,000
250,000
270,000
290,000
310,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
ExistingHomeMedianSalesPrice
NewHomeMedianSalesPrice
130,000
150,000
170,000
190,000
210,000
230,000
250,000
270,000
290,000
310,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
ExistingHomeMedianSalesPrice
NewHomeMedianSalesPrice
TexasExistingandNewHomeMedianSalesPrice($)
UnitedStatesExistingandNewHomeMedianSalesPrice($)
![Page 21: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/21.jpg)
20
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.
Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
120,000
140,000
160,000
180,000
200,000
220,000
240,000
260,000
280,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
80,000
90,000
100,000
110,000
120,000
130,000
140,000
150,000
160,000
170,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Brownsville-Harlingen ElPaso
Laredo McAllen-Edinburg-Mission
MajorMetrosExistingHomeMedianSalesPrice($)
BorderMetrosExistingHomeMedianSalesPrice($)
![Page 22: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/22.jpg)
21
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
170,000
210,000
250,000
290,000
330,000
370,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
110,000
120,000
130,000
140,000
150,000
160,000
170,000
180,000
190,000
200,000
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Brownsville-Harlingen ElPaso
Laredo McAllen-Edinburg-Mission
MajorMetrosNewHomeMedianSalesPrice($)
BorderMetrosNewHomeMedianSalesPrice($)
![Page 23: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/23.jpg)
22
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
7580859095100105110115120125130135
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
ExistingHomeAveragePricePSFNewHomeAveragePricePSF
60
70
80
90
100
110
120
130
140
150
160
170
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
MajorMetrosExistingHomeAveragePricePerSquareFoot($)
TexasHomeAveragePricePerSquareFoot($)
![Page 24: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/24.jpg)
23
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
55
60
65
70
75
80
85
90
95
100
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Brownsville-Harlingen
ElPaso
Laredo
McAllen-Edinburg-Mission
80
100
120
140
160
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
BorderMetrosExistingHomeAveragePricePerSquareFoot($)
MajorMetrosNewHomeAveragePricePerSquareFoot($)
![Page 25: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/25.jpg)
24
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
75
80
85
90
95
100
105
110
115
120
125
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Brownsville-Harlingen
ElPaso
Laredo
McAllen-Edinburg-Mission
70
75
80
85
90
95
100
105
110
115
120
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
ExistingHomeMedianPricePSF
NewHomeMedianPricePSF
BorderMetrosNewHomeAveragePricePerSquareFoot($)
TexasHomeMedianPricePerSquareFoot($)
![Page 26: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/26.jpg)
25
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
60
70
80
90
100
110
120
130
140
150
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
55
60
65
70
75
80
85
90
95
100
105
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Brownsville-Harlingen ElPaso
Laredo McAllen-Edinburg-Mission
MajorMetrosExistingHomeMedianPricePerSquareFoot($)
BorderMetrosExistingHomeMedianPricePerSquareFoot($)
![Page 27: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/27.jpg)
26
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
80
90
100
110
120
130
140
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
70
75
80
85
90
95
100
105
110
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Brownsville-HarlingenElPasoLaredoMcAllen-Edinburg-Mission
MajorMetrosNewHomeMedianPricePerSquareFoot($)
BorderMetrosNewHomeMedianPricePerSquareFoot($)
![Page 28: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/28.jpg)
27
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
ExistingHomeSale-to-ListPriceRatio
NewHomeSale-to-ListPriceRatio
0.90
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
MajorMetrosExistingHomeSalePricetoListPriceRatio($)
TexasHomeSalePricetoListPriceRatio($)
![Page 29: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/29.jpg)
28
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:SeasonallyAdjustedSources:NationalAssociationofHomeBuildersandWellsFargo
0.90
0.92
0.94
0.96
0.98
1.00
Jan-11
Mar-11
May-11
Jul-1
1Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-1
2Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-1
3Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-1
4Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-1
5Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-1
6
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
30
40
50
60
70
80
90
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 16
UnitedStatesAustin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-SugarLand-BaytownSanAntonio-NewBraunfels
HousingOpportunityIndex(AffordabilityIndex)(Percentageofhomessold,affordabletomedian-incomefamily)
MajorMetrosNewHomeSalePricetoListPriceRatio($)
![Page 30: Texas Housing Insight - WTAWwtaw.com/wp-content/uploads/2016/10/RealEstateCenterAug2016.pdf · Months of inventory for existing homes across Texas remained low at 3.7 months. The](https://reader034.vdocument.in/reader034/viewer/2022042323/5f0e33057e708231d43e1640/html5/thumbnails/30.jpg)
29
Note:Red,above95percentcriticalvalue.Amber,80-95percentcriticalvalue.Green,below80percentcriticalvalue.Piechartsindicatethesharespentwithineachrangeoverthepastfivequarters(from2015Q2till2016Q2).Formoreinformation,see:LuisB.Torres,EnriqueMartínez-García,andValerieGrossman(2016):"CurbYourEnthusiasm:KeepinganEyeonHomePrices."JournaloftheRealEstateCenteratTexasA&MUniversityTierraGrande,Vol.23,July2016.Sources:FreddieMac,BureauofLaborStatistics,RealEstateCenteratTexasA&MUniversity,andFederalReserveBankofDallas
ExuberantHousingPriceBehavior(Index;2Q2015to2Q2016)
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i
ADVISORY COMMITTEE
MAYS BUSINESS SCHOOL
Texas A&M University 2115 TAMU
College Station, TX 77843-2115
http://recenter.tamu.edu 979-845-2031
DIRECTOR
GARY W. MALER
MARIO A. ARRIAGA Conroe
JACQUELYN K. HAWKINS Austin
TED NELSON Houston
DOUG ROBERTS Austin
RUSSELL CAIN, CHAIRMAN Port Lavaca
DOUG JENNINGS, VICE CHAIRMAN Fort Worth
KIMBERLY SHAMBLEY DallasRONALD C. WAKEFIELD San AntonioC. CLARK WELDER San AntonioBILL JONES, EX-OFFICIO Temple