texas housing insight · 2019-05-07 · new-home sales, however, continued to struggle and forced...

TEXAS HOUSING INSIGHTLUIS B. TORRES

RESEARCH ECONOMISTJAMES P. GAINESCHIEF ECONOMIST WESLEY MILLER

RESEARCH ASSOCIATE

PAIGE WOODSONRESEARCH INTERN T E C H N I C A L R E P O R T

2 1 2 0M A R C H 2 0 1 9 D ATA

March 2019 Summary ........................................................................................................................... 4

Residential Construction Coincident Indicator .................................................................................. 7

Vacant Developed Lots ...................................................................................................................... 7

Single-Family Housing Construction Permits..................................................................................... 8

Texas Housing Construction Permits ................................................................................................. 8

Major Metros Single-Family Housing Construction Permits ............................................................. 9

Total Housing Starts Per Capita ......................................................................................................... 9

Major Metros Single-Family Starts .................................................................................................. 10

Total New Private Single-Family Construction Value ...................................................................... 10

Total Months of Inventory ............................................................................................................... 11

Texas Months of Inventory by Price Cohort .................................................................................... 11

Texas Current Months of Inventory by Price Cohort....................................................................... 12

Texas Existing and New Home Months of Inventory ...................................................................... 12

Major Metros Existing Home Months of Inventory ........................................................................ 13

Major Metros New Home Months of Inventory ............................................................................. 13

Demand ............................................................................................................................................... 14

Total Housing Sales .......................................................................................................................... 14

Texas Total Housing Sales by Price Cohort ...................................................................................... 14

Major Metros Total Housing Sales .................................................................................................. 15

Major Metros New-Home Sales ...................................................................................................... 15

Texas Homes Days on Market ......................................................................................................... 16

Major Metros Existing Homes Days on Market ............................................................................... 16

Major Metros New Homes Days on Market .................................................................................... 17

Home Ownership Rate..................................................................................................................... 17

Major Metros Home Ownership Rate ............................................................................................. 18

Texas Home Days on Market by Price Cohort ................................................................................. 18

30-Year Mortgage Rate and 10-Year Treasury Yield ....................................................................... 19

Texas Mortgage Applications .......................................................................................................... 19

Prices ................................................................................................................................................... 20

Real Estate Center Repeat Sales Housing Price Index ..................................................................... 20

United States Existing and New Home Median Sales Price............................................................. 20

Texas Existing and New Home Median Sales Price ......................................................................... 21

2

Major Metros Existing Home Median Sales Price ........................................................................... 21

Major Metros New Home Median Sales Price ................................................................................ 22

Texas Home Median Price Per Square Foot .................................................................................... 22

Major Metros Existing Home Median Price Per Square Foot.......................................................... 23

Major Metros New Home Median Price Per Square Foot............................................................... 23

Texas Home Sale Price to List Price ................................................................................................. 24

Major Metros Existing Home Sale Price to List Price ...................................................................... 24

Major Metros New Home Sale Price to List Price ........................................................................... 25

3

About this Report

Real Estate Center economists continuously monitor many facets of the global, national, and Texas

economies. Texas Housing Insight is a summary of important economic indicators that help discern

trends in the Texas housing markets. All monthly measurements are calculated using seasonally

adjusted data, and percentage changes are calculated month-over-month, unless stated otherwise.

This monthly publication provides data and insights on the Texas housing markets. We hope you

find them useful. Your feedback is always appreciated. Send comments and suggestions to

[email protected].

Dr. James Gaines, Dr. Luis Torres, Wesley Miller, and Paige Woodson

Data current as of April 30, 2019

© 2019, Real Estate Center. All rights reserved.

4

March 2019 Summary

Texas housing sales increased 1.6 percent during the first quarter amid lower mortgage rates and

decreased price pressure. Single-family supply indicators were generally favorable with stable lot

development, permit issuance, and housing starts. Single-family private construction values,

however, contradicted this trend and extended a five-month slide. The average days on market

(DOM) bumped above 61 days, primarily due to adjustments in the North Texas market. Lower

mortgage rates provided incentives for prospective purchasers, but housing affordability remained

a challenge across the state and weighed on homeownership rates. Despite tepid trends on both

the demand and supply side, Texas’ robust economy and population growth maintained an overall

healthy housing market.

Supply*

The Texas Residential Construction Cycle (Coincident) Index, which measures current construction

activity, staggered as construction values trended downward. A slowdown in construction permits

hindered the Residential Construction Leading Index, outweighing steady single-family activity.

Lower interest rates and the extended economic expansion, however, should support the industry

in coming months.

Supply-side activity remained stable at the earliest stage of the construction cycle as builders

rushed to satisfy pent-up demand for homes priced less than $300,000. The number of new vacant

developed lots (VDLs) balanced in Houston after sliding late last year, while jumping to a post-

recessionary high in San Antonio. Growth in these metros occurred primarily in the $200,000-

$300,000 sale-price range. Austin VDLs maintained solid year-over-year (YOY) growth but showed

signs of cooling due to continued constraints at the lower end of the market. Dallas-Fort Worth

(DFW) was the exception where last year’s sale slowdown led to decreased lot development across

the price spectrum.

Single-family housing construction permits stabilized with VDLs after a sharp drop in December. In

San Antonio, permits returned to typical levels (around 620 in March) after significant volatility to

start the year. Houston and DFW remained the national leaders, issuing 3,168 and 2,679 monthly

permits, respectively. North Texas development shifted toward the suburbs, supporting activity in

Fort Worth. Austin ranked fifth nationally with nearly 1,300 monthly permits issued. Overall, Texas

permit activity outpaced the rest of the nation, but growth has normalized compared with early

2018.

Total Texas housing starts trended upward amid solid single-family construction. Nearly 23,500

single-family homes broke ground in the Texas Urban Triangle during the first quarter, two-thirds of

which were in DFW and Houston. Central Texas starts, however, posted double-digit quarterly

growth with Austin and San Antonio outpacing the larger metros in per capita terms. In contrast,

* All monthly measurements are calculated using seasonally adjusted data, and percentage changes arecalculated month over month, unless stated otherwise.

5

single-family private construction values fell across the state. While luxury-home construction has

stalled over the past year, the new-home price distribution does not explain the persistent decline

in construction values.

The supply expansion pushed Texas’ months of inventory (MOI) upward, but the metric held below

four months. A total MOI around six months is considered a balanced housing market. The MOI for

homes priced below $300,000 appears to be retracting after marginal relief last year. The supply of

active listings dropped to 2.9 months for homes priced less than $200,000 and below 3.3 months in

the $200,000-$300,000 range. A slowdown in the rate of Multiple Listing Service (MLS) listings

hitting the market weighed on inventories at the lower end of the market.

New MLS listings fell for the second straight month across the major metros, putting downward

pressure on the MOI. Austin’s supply of active listings dropped to a seven-month low at 2.6

months. The MOI expansion paused in North Texas, settling at 3.4 and 2.6 months in Dallas and

Fort Worth, respectively. On the other hand, Houston and San Antonio’s MOI reached multiyear

highs at 4.1 and 3.7 months, respectively.

Demand

Texas total housing sales increased 1.6 percent during the first quarter as lower mortgage rates

and more moderate price pressure provided some breathing room in constrained markets. The

$200,000-$300,000 price cohort posted the strongest quarterly sales growth at 3 percent. New-

home sales, however, continued to struggle and forced builders to shift toward lower-priced

projects.

While the new-home market adjusted in North Texas, a rebound in resale transactions pushed up

total sales in both Dallas and Fort Worth. Similarly, Austin’s resale market led to 3.8 percent growth

in first-quarter closed listings. San Antonio activity increased in both the existing- and new-home

markets, pushing quarterly sales up 6.5 percent. Houston was the only major metro to post a first-

quarter decline, primarily due to stagnation in the $300,000-$500,000 price range.

While sales were positive, Texas’ average days on market ticked above 61 days for just the second

month since 2014, increasing across the major metros. San Antonio’s DOM tracked the state-wide

average, despite solid housing-market activity over the past year. Austin and Houston moved

similarly, with homes averaging 58 days on the market. North Texas activity continued to normalize

after a prolonged period of imbalances. The Dallas DOM surpassed 53 days for the first time since

2013 while Fort Worth reached a three-year high at 44 days.

Decreased affordability, ballooning student debt, and aging demographics pulled the first-quarter

homeownership rate down to 64.3 and 61.8 percent in the U.S. and Texas, respectively. The Texas

metric peaked around 67 percent before the housing crisis. Homeownership rates were lower in

metros with waning affordability, falling to 57.2 and 59.5 percent in Austin and DFW, respectively.

The Houston rate wavered but held just above 60 percent. San Antonio’s homeownership rate

remained elevated at 64.4 percent and trended upward amid the current regional expansion.

6

Well-anchored inflation expectations combined with continued concerns of global economic

growth pulled interest rates down for the fifth consecutive month. The ten-year U.S. Treasury

bond yield fell to an annual low of less than 2.6 percent, while the Federal Home Loan Mortgage

Corporation’s 30-year fixed-rate dropped below 4.3 percent. Texans capitalized on lower rates,

pushing mortgage applications for home purchases up 14.6 percent in the first quarter. The impact

should support housing demand, particularly in markets struggling with affordability constraints.

Refinance mortgage applications, which are more sensitive to interest rate fluctuations, increased

33.4 percent over the same period.

Prices

In addition to lower mortgage rates, home price appreciation continued to moderate. The Texas

median home price balanced around $235,800, just 2.3 percent above year-ago levels. While still

increasing, home prices are no longer soaring at double-digit levels YOY like in 2017. Austin and

Dallas maintained the highest median price at $300,700 and $285,500, respectively, but remained

on a flat trajectory. The Houston ($239,900) and San Antonio ($226,600) median maintained steady

YOY growth above 3 percent. On the other hand, the Fort Worth median price increased nearly

$5,000 between February and March, surpassing a record-high $240,500 and 5 percent YOY

growth.

The Texas Repeat Sales Index corroborated the moderation in price growth, balancing at 4.1

percent YOY. The Austin and Dallas indices rose 4.2 and 3.0 percent, respectively, despite little

movement in median price. Houston (3.1 percent) and Fort Worth’s (4.8 percent) metric followed

median-price movements. The San Antonio index increased 5 percent YOY, capturing more

appreciation than indicated by the metro’s median.

7

Supply

Note: Trend-Cycle Component. Sources: Real Estate Center at Texas A&M University and Federal Reserve Bank of Dallas

Note: Trend-Cycle Component. Source: Metrostudy

40

50

60

70

80

90

100

110Ja

n-0

7

Sep

-07

May

-08

Jan

-09

Sep

-09

May

-10

Jan

-11

Sep

-11

May

-12

Jan

-13

Sep

-13

May

-14

Jan

-15

Sep

-15

May

-16

Jan

-17

Sep

-17

May

-18

Jan

-19

TX Coincident Index US Coincident Index TX Leading Index

50

75

100

125

150

175

200

225

1Q0

3

4Q0

3

3Q0

4

2Q0

5

1Q0

6

4Q0

6

3Q0

7

2Q0

8

1Q0

9

4Q0

9

3Q1

0

2Q1

1

1Q1

2

4Q1

2

3Q1

3

2Q1

4

1Q1

5

4Q1

5

3Q1

6

2Q1

7

1Q1

8

4Q1

8

Austin Dallas

Houston San Antonio

Residential Construction Coincident Indicator (Index Jan 2007 = 100)

Vacant Developed Lots

(Index Q1 2003 = 100)

8

Note: Trend-Cycle Component. Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University

Note: Trend-Cycle Component. Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University

20

30

40

50

60

70

80

90

100

110

Jan

-07

Oct

-07

Jul-

08

Ap

r-0

9

Jan

-10

Oct

-10

Jul-

11

Ap

r-1

2

Jan

-13

Oct

-13

Jul-

14

Ap

r-1

5

Jan

-16

Oct

-16

Jul-

17

Ap

r-1

8

Jan

-19

United States Texas

0

20

40

60

80

100

120

140

160

Jan

-07

Sep

-07

May

-08

Jan

-09

Sep

-09

May

-10

Jan

-11

Sep

-11

May

-12

Jan

-13

Sep

-13

May

-14

Jan

-15

Sep

-15

May

-16

Jan

-17

Sep

-17

May

-18

Jan

-19

Single Family Units 2-4 Family Units

5+ Family Units

Single-Family Housing Construction Permits (Index Jan 2007 = 100)

Texas Housing Construction Permits (Index Jan 2007 = 100)

9

Note: Trend-Cycle Component. Fort Worth is missing data for Somervell County. Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University

Note: Trend-Cycle Component. Sources: U.S. Census Bureau and Bank of Tokyo-Mitsubishi UFJ

20

40

60

80

100

120

140

Jan

-07

Sep

-07

May

-08

Jan

-09

Sep

-09

May

-10

Jan

-11

Sep

-11

May

-12

Jan

-13

Sep

-13

May

-14

Jan

-15

Sep

-15

May

-16

Jan

-17

Sep

-17

May

-18

Jan

-19

Austin-Round Rock

Dallas-Plano-Irving

Fort Worth-Arlington

Houston-The Woodlands-Sugar Land

San Antonio-New Braunfels

30

40

50

60

70

80

90

100

110

Jan

-07

Sep

-07

May

-08

Jan

-09

Sep

-09

May

-10

Jan

-11

Sep

-11

May

-12

Jan

-13

Sep

-13

May

-14

Jan

-15

Sep

-15

May

-16

Jan

-17

Sep

-17

May

-18

Jan

-19

United States

Texas

Major Metros Single-Family Housing Construction Permits (Index Jan 2007 = 100)

Total Housing Starts Per Capita

(Index Jan 2007 = 100)

10


Note: Inflation adjusted. Trend-Cycle Component. Source: Dodge Analytics

25

50

75

100

125

150

175

200

1Q0

3

4Q0

3

3Q0

4

2Q0

5

1Q0

6

4Q0

6

3Q0

7

2Q0

8

1Q0

9

4Q0

9

3Q1

0

2Q1

1

1Q1

2

4Q1

2

3Q1

3

2Q1

4

1Q1

5

4Q1

5

3Q1

6

2Q1

7

1Q1

8

4Q1

8

Austin Dallas

Houston San Antonio

75

100

125

150

175

200

225

250

275

300

325

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Texas

Austin-Round Rock

Dallas-Fort Worth-Arlington

Houston-The Woodlands-SugarLand

Total New Private Single-Family Construction Value

(Index Jan 2011 = 100)

Major Metros Single-Family Starts

(Index Q1 2003 = 100)

11

Note: Trend-Cycle Component. Months of inventory for the United States is estimated using weights for all existing homes and new single-family homes; new nonsingle-family homes are not included. Texas includes all existing and new homes. For more information, see Months of Inventory. Sources: U.S. Census Bureau, National Association of Realtors, and Real Estate Center at Texas A&M University

Note: Trend-Cycle Component. Source: Real Estate Center at Texas A&M University

3

4

5

6

7

8

9

10

Jan

-07

Sep

-07

May

-08

Jan

-09

Sep

-09

May

-10

Jan

-11

Sep

-11

May

-12

Jan

-13

Sep

-13

May

-14

Jan

-15

Sep

-15

May

-16

Jan

-17

Sep

-17

May

-18

Jan

-19

United States Texas

2

4

6

8

10

12

14

16

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

$0-$199,999 $200,000-$299,999

$300,000-$399,999 $400,000-$499,999

$500,000+

Total Months of Inventory (Months)

Texas Months of Inventory by Price Cohort (Months)

https://assets.recenter.tamu.edu/Documents/Articles/2046-7.pdf

12

Note: Seasonally adjusted. Source: Real Estate Center at Texas A&M University

Texas Existing and New Home Months of Inventory

(Months)


2.93.3

4.55.2

9.3

0

1

2

3

4

5

6

7

8

9

10

$0 - $200K $200K - $300K $300K - $400K $400K - $500K $500K+

3

4

5

6

7

8

9

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Existing Months of Inventory

New Months of Inventory

Texas Current Months of Inventory by Price Cohort (March 2019)

13

Major Metros Existing Home Months of Inventory (Months)



1

2

3

4

5

6

7

8

9

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Austin-Round Rock

Dallas-Plano-Irving




3.0

3.5

4.0

4.5

5.0

5.5

6.0

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Austin-Round Rock Dallas-Plano-Irving

Fort Worth-Arlington Houston-The Woodlands-Sugar Land


Major Metros New Home Months of Inventory (Months)

14

Demand

Note: Trend-Cycle Component. Sales for the United States include all existing homes and new single-family homes sold through an MLS; new non-single-family homes are not included. Texas includes all existing and new homes. For more information see Housing Sales. Source: U.S. Census Bureau, National Association of Realtors, and Real Estate Center at Texas A&M University

Note: Trend-Cycle Component. Source: Real Estate Center at Texas A&M University.

50

60

70

80

90

100

110

120

Jan

-07

Sep

-07

May

-08

Jan

-09

Sep

-09

May

-10

Jan

-11

Sep

-11

May

-12

Jan

-13

Sep

-13

May

-14

Jan

-15

Sep

-15

May

-16

Jan

-17

Sep

-17

May

-18

Jan

-19

United States Texas

50

100

150

200

250

300

350

400

450

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

$0-$199,999 $200,000-$299,999

$300,000-$399,999 $400,000-$499,999

$500,000+

Total Housing Sales (Index Jan 2007 = 100)

Texas Total Housing Sales by Price Cohort (Index Jan 2011 = 100)

https://assets.recenter.tamu.edu/Documents/Articles/2046-5.pdf

15



55

70

85

100

115

130

145

Jan

-07

Sep

-07

May

-08

Jan

-09

Sep

-09

May

-10

Jan

-11

Sep

-11

May

-12

Jan

-13

Sep

-13

May

-14

Jan

-15

Sep

-15

May

-16

Jan

-17

Sep

-17

May

-18

Jan

-19

Austin-Round Rock

Dallas-Plano-Irving




25

50

75

100

125

150

175

200

1Q0

3

4Q0

3

3Q0

4

2Q0

5

1Q0

6

4Q0

6

3Q0

7

2Q0

8

1Q0

9

4Q0

9

3Q1

0

2Q1

1

1Q1

2

4Q1

2

3Q1

3

2Q1

4

1Q1

5

4Q1

5

3Q1

6

2Q1

7

1Q1

8

4Q1

8

Austin Dallas

Houston San Antonio

Major Metros Total Housing Sales (Index Jan 2007 = 100)

Major Metros New-Home Sales (Index 1Q2003 = 100)

16

Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University


45

55

65

75

85

95

105

115

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Existing Home Days on Market New Home Days on Market

25

35

45

55

65

75

85

95

105

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Austin-Round Rock

Dallas-Plano-Irving




Texas Homes Days on Market (Days)

Major Metros Existing Homes Days on Market (Days)

17


Note: Trend-Cycle Component. Source: United States Census Bureau

60

70

80

90

100

110

120

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Austin-Round Rock Dallas-Plano-Irving

Fort Worth-Arlington Houston-The Woodlands-Sugar Land


61

62

63

64

65

66

67

68

69

70

I III I III I III I III I III I III I III I III I III I III I III I III I III I III I

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 18 19

United States Texas

Major Metros New Homes Days on Market (Days)

Home Ownership Rate (%)

18

Note: Trend-Cycle Component. Source: United States Census Bureau


52

54

56

58

60

62

64

66

68

70

72

74

I III I III I III I III I III I III I III I III I III I III I III I III I III I III I

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 18 19

Austin Dallas-Fort Worth

Houston San Antonio

40

50

60

70

80

90

100

110

120

130

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

$0-$199,999 $200,000-$299,999

$300,000-$399,999 $400,000-$499,999

$500,000+

Texas Home Days on Market by Price Cohort (Days)

Major Metros Home Ownership Rate (%)

19

Note: Seasonally adjusted. Sources: Federal Home Loan Mortgage Corporation and Federal Reserve Board

Source: Mortgage Bankers Association

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Jan

-07

Sep

-07

May

-08

Jan

-09

Sep

-09

May

-10

Jan

-11

Sep

-11

May

-12

Jan

-13

Sep

-13

May

-14

Jan

-15

Sep

-15

May

-16

Jan

-17

Sep

-17

May

-18

Jan

-19

Mortgage Bond

-80

-60

-40

-20

0

20

40

60

80

100

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Refinance Purchase

30-Year Mortgage Rate and 10-Year Treasury Yield

(Percent)

Texas Mortgage Applications

(Year-over-Year Percentage Change)

20

Prices

Note: The Repeat Sales Housing Price Index tracks real home price appreciation for residential single-family homes. Source: Real Estate Center at Texas A&M University

Note: Trend-Cycle Component. For single-family homes. Source: Federal Reserve Bank of St. Louis

0

1

2

3

4

5

6

7

8

9

101Q

14

2Q1

4

3Q1

4

4Q1

4

1Q1

5

2Q1

5

3Q1

5

4Q1

5

1Q1

6

2Q1

6

3Q1

6

4Q1

6

1Q1

7

2Q1

7

3Q1

7

4Q1

7

1Q1

8

2Q1

8

3Q1

8

4Q1

8

1Q1

9

Texas

Austin-Round Rock

Dallas-Plano-Irving




160,000

180,000

200,000

220,000

240,000

260,000

280,000

300,000

320,000

340,000

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Existing Home Median Sales Price

New Home Median Sales Price

United States Existing and New Home Median Sales Price ($)

Real Estate Center Repeat Sales Housing Price Index (Year-over-Year Percentage Change)

21



130,000

150,000

170,000

190,000

210,000

230,000

250,000

270,000

290,000

310,000

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Existing Home Median Sale Price

New Home Median Sale Price

120,000

150,000

180,000

210,000

240,000

270,000

300,000

330,000

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Austin-Round Rock

Dallas-Plano-Irving




Major Metros Existing Home Median Sales Price ($)

Texas Existing and New Home Median Sales Price ($)

22



170,000

200,000

230,000

260,000

290,000

320,000

350,000

380,000

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Austin-Round Rock

Dallas-Plano-Irving




65

75

85

95

105

115

125

135

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Existing Home Median Price PSF

New Home Median Price PSF

Major Metros New Home Median Sales Price ($)

Texas Home Median Price Per Square Foot ($)

23



60

70

80

90

100

110

120

130

140

150

160

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Austin-Round Rock

Dallas-Plano-Irving




75

85

95

105

115

125

135

145

155

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Austin-Round Rock Dallas-Plano-IrvingFort Worth-Arlington Houston-The Woodlands-Sugar LandSan Antonio-New Braunfels

Major Metros Existing Home Median Price Per Square Foot ($)

Major Metros New Home Median Price Per Square Foot ($)

24



0.90

0.91

0.92

0.93

0.94

0.95

0.96

0.97

0.98

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Existing Home Sale-to-List Price Ratio

New Home Sale-to-List Price Ratio

0.90

0.91

0.92

0.93

0.94

0.95

0.96

0.97

0.98

0.99

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Austin-Round Rock

Dallas-Plano-Irving




Major Metros Existing Home Sale Price to List Price (Ratio)

Texas Home Sale Price to List Price (Ratio)

25


0.91

0.92

0.93

0.94

0.95

0.96

0.97

0.98

0.99

Jan

-11

Au

g-11

Mar

-12

Oct

-12

May

-13

Dec

-13

Jul-

14

Feb

-15

Sep

-15

Ap

r-1

6

No

v-16

Jun

-17

Jan

-18

Au

g-18

Mar

-19

Austin-Round Rock

Dallas-Plano-Irving




Major Metros New Home Sale Price to List Price (Ratio)

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

TROY ALLEY, JR. DeSoto

RUSSELL CAIN Port Lavaca

JJ CLEMENCE Sugar Land

ALVIN COLLINS Andrews

DOUG JENNINGS, CHAIRMAN Fort Worth

BESA MARTIN, VICE CHAIRMAN Boerne

TED NELSON HoustonDOUG ROBERTS AustinC. CLARK WELDER FredericksburgJAN FITE-MILLER, EX-OFFICIO Dallas

http://recenter.tamu.edu