Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less...
Transcript of Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less...
![Page 1: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/1.jpg)
TEXAS HOUSING INSIGHTLUIS B. TORRESRESEARCH ECONOMIST
JAMES P. GAINESCHIEF ECONOMIST
WESLEY MILLERRESEARCH ASSOCIATE
PAIGE SILVARESEARCH ASSOCIATE
GRIFFIN CARTERRESEARCH INTERN
T E C H N I C A L R E P O R T
2 1 2 0J A N U A R Y 2 0 2 0 D ATA
![Page 2: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/2.jpg)
About this Report .................................................................................................................................. 3
Summary ............................................................................................................................................... 4
Supply .................................................................................................................................................... 7
Texas Residential Construction Index ............................................................................................... 7
Net Residential Loans ....................................................................................................................... 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
Total New Private Single-Family Construction Value ..................................................................... 10
Total Months of Inventory .............................................................................................................. 10
Texas Months of Inventory by Price Cohort ................................................................................... 11
Texas Current Months of Inventory by Price Cohort ...................................................................... 11
Texas Existing and New Home Months of Inventory...................................................................... 12
Major Metros Existing Home Months of Inventory ....................................................................... 12
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
Texas Homes Days on Market ........................................................................................................ 15
Major Metros Existing Homes Days on Market .............................................................................. 16
Major Metros New Homes Days on Market ................................................................................... 16
Texas Home Days on Market by Price Cohort ................................................................................ 17
30-Year Mortgage Rate and 10-Year Treasury Yield ...................................................................... 17
Texas Mortgage Applications ......................................................................................................... 18
Prices ................................................................................................................................................... 19
United States Existing and New Home Median Sales Price ............................................................ 19
Texas Existing and New Home Median Sales Price ........................................................................ 19
Major Metros Existing Home Median Sales Price .......................................................................... 20
Major Metros New Home Median Sales Price ............................................................................... 20
![Page 3: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/3.jpg)
2
Texas Home Median Price Per Square Foot ................................................................................... 21
Major Metros Existing Home Median Price Per Square Foot ......................................................... 21
Major Metros New Home Median Price Per Square Foot .............................................................. 22
Texas Home Sales Price to List Price ............................................................................................... 22
Major Metros Existing Home Sale Price to List Price...................................................................... 23
Major Metros New Home Sale Price to List Price........................................................................... 23
Repeat Sales Home Price Index ...................................................................................................... 24
![Page 4: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/4.jpg)
3
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 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
Dr. James Gaines, Dr. Luis Torres, Wesley Miller, Paige Silva, and Griffin Carter
Data current as of March 6, 2020
© 2020, Real Estate Center. All rights reserved.
![Page 5: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/5.jpg)
4
Please note this review does not account for the impacts of the COVID-19 outbreak but reflects the
market through January 2020.
Texas housing sales stabilized in January after reaching a record high the previous month. Steady
employment growth and falling mortgage interest rates continued to support housing demand, as
exemplified by increased mortgage applications and a downtick in the average days on market.
Inventories were constrained, especially for homes priced less than $300,000, but renewed permit
issuance indicates positive construction activity in 2020. Although home-price appreciation has
moderated over the past few years, tight supply levels put additional affordability pressure on top
of lackluster average wage growth. Due to the coronavirus outbreak, there may be disruptions to
building material supply chains and the visiting and showing of homes for sale, threatening the
Texas housing market. These effects will probably be reflected in the second quarter of the year.
Supply*
The Texas Residential Construction Cycle (Coincident) Index, which measures current construction
activity, balanced after trending upward for four straight months as construction employment
growth slowed. The Residential Construction Leading Index dipped slightly as housing starts
decreased but hovered around the post-crisis high, suggesting solid levels of construction in the
coming months.
Fourth quarter private bank loan data corroborated stable construction activity at the end of the
year, increasing 0.8 percent quarter over quarter (QOQ). Multifamily investment climbed
throughout 2019, rising 2.1 percent to $8.6 billion during 4Q2019. The one-to-four unit sector,
however, stalled through the second half of the year after reaching a cycle-high in 2Q2019 of $7.7
billion.
Single-family construction permits started the year strong, increasing 3.2 percent to a post-
recessionary high after a sluggish end to 2019. Texas led the nation with 11,100 nonseasonally
adjusted permits, accounting for more than 17 percent of the U.S. total but ranking eighth in per
capita issuance. At the metropolitan level, Houston topped the list with 3,565 permits, followed by
DFW with 3,370. Austin permits increased to 1,472 while maintaining the highest per capita rate in
* All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month over month, unless stated otherwise.
![Page 6: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/6.jpg)
5
the Texas Urban Triangle. In San Antonio, monthly permits surged to 846. Texas’ multifamily sector
increased issuance in January but failed to recover to levels reached in 3Q2019 after falling at year
end.
Decreased permitting activity in the last months of 2019 weighed on total Texas housing starts in
January, falling 7.3 percent amid a drawback in the single-family sector. The trend, however,
remained on a strong upward trajectory. Meanwhile, single-family private construction values
dropped 11.1 percent to their lowest level since June 2019 after adjusting for inflation,
corroborating loan value data. After reaching an all-time high in October, San Antonio construction
values trended downward, comprising half of the monthly decrease. The metric declined for the
second straight month in Austin and DFW. Houston values, however, reached an annual high after
improving 3.3 percent.
Strong sales activity chipped away at the state’s supply of active listings. Texas’ months of
inventory (MOI) fell for the third consecutive month to 3.4 months. A total MOI around six months
is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7
months, while inventory for luxury homes (those priced more than $500,000) remained elevated at
eight months. This disparity exemplifies the shortage of affordable housing, although efforts have
been made to more closely match demand and supply.
Inventory in the major metros was even more constrained than the statewide average. Austin’s
MOI fell to an all-time low of two months, while the Dallas and Fort Worth MOIs ticked down to 2.9
and 2.4 months, respectively. San Antonio’s metric registered less than 3.4 months as inventory for
homes priced less than $300,000 dropped to levels unseen in more than a year after gradual
improvement during 4Q2019. Houston was the exception as the metro’s supply of active listings
continued to rise despite strong sales activity, boosting inventory to 3.9 months.
Demand
Total housing sales during January flattened just below record levels reached at year end.
Nonseasonally adjusted sales for home priced at the lower end of the market (less than $200,000),
however, were well below the series’ January historical average. Sales volumes within the price
range fell year over year (YOY) despite lower interest rates and solid demand fundamentals amid
inventory constraints at the lower end of the market. Homes priced less than $200,000 constituted
36 percent of total monthly sales versus 72 percent in 2011.
Sales activity in the major metros cooled after accelerating during the fourth quarter. Houston sales
corrected downward 2.2 percent from an all-time high in December, while Dallas monthly sales
stabilized at a record 6,000 after increasing 11.3 percent at year end. In Austin, sales for homes
priced $200,000-$400,000 stalled as inventory tightened after strong activity in 2019, pulling
overall sales down 1.3 percent in the MSA. San Antonio extended a steady upward trend, although
Fort Worth sales volumes flattened at their annual average.
![Page 7: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/7.jpg)
6
Texas’ average days on market (DOM) stabilized at 59 days, indicating healthy demand. San
Antonio and Houston’s DOMs hovered around the statewide level at 59 and 58 days, respectively.
In Austin, the metric averaged 51 days, shedding ten days from its year-ago level. The DOMs in
Dallas and Fort Worth trended upward for most of 2019 after low levels between 2015-17 but
showed signs of stabilizing at 55 and 44 days, respectively.
After speculations of a U.S.-China trade truce supported modest increases in interest rates during
4Q2019, U.S.-Iranian military strikes and initial news of the coronavirus outbreak pulled rates down
in January. Current economic fundamentals at the state and national level, however, remain
healthy. The ten-year U.S. Treasury bond yield fell below 1.8 percent, while the Federal Home
Loan Mortgage Corporation’s 30-year fixed-rate decreased to 3.6 percent. After declining the
previous month, mortgage applications for home purchases increased 9.1 percent. Refinance
activity stumbled on the month, but the overall trend remained positive considering refinance
mortgage applications nearly tripled during 2019.
Prices
The Texas median home price flattened to $247,200, although YOY growth hovered around 5.6
percent for the second straight month amid strong sales and inventory contractions. The
nationwide existing-home median price increased 6.8 percent YOY to $283,200 compared with
Texas’ existing-home price of $239,800. The gap between the U.S. and Texas new-home median
price ($352,600 and $293,000, respectively) widened to $59,000 in January after averaging $30,000
in 2019.
Movements in the median home price varied on the metropolitan level. Houston and Austin each
shed $1,900 off their median home price, pulling the metric down to $247,800 and $320,400,
respectively, while the median price in San Antonio steadied at $236,200. North Texas, however,
registered $5,800 and $9,000 increases in Dallas ($302,800) and Fort Worth ($254,200),
respectively. The rise in the former may be explained by the recent surge in sales whereas the
latter’s price hike is likely an upward correction after falling $7,600 over the previous two months.
The Texas Repeat Sales Home Price Index, a better measure of changes in single-family home
values, provides insight into how Texas home prices evolve. The index indicated more moderate
annual home price appreciation of 3.6 percent. Strong demand and dwindling supply pushed
Austin’s index up 5.9 percent YOY. Home prices in Houston and Fort Worth increased at a pace of
2.7 and 3.6 percent, respectively. Meanwhile, the Dallas and San Antonio indexes rose just 2.4
percent YOY each. Except for in Austin, home price growth in the major metros has stabilized at
more moderate levels than during 2014-17. Persistent wage improvement that outpaces home
price appreciation, however, is necessary to maintain overall housing affordability, which remains a
challenge to the Texas home market.
![Page 8: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/8.jpg)
7
Note: Trend-Cycle Component. Sources: Real Estate Center at Texas A&M University and Federal Reserve Bank of Dallas
Note: Trend-Cycle Component. Source: Federal Deposit Insurance Corporation
40
60
80
100
120
140
160
180
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
TX Coincident Index US Coincident Index TX Leading Index
0
50
100
150
200
250
300
350
400
2007 2009 2011 2013 2015 2017 2019
1-4 Family Loans
Multifamily Loans
Texas Residential Construction Index (Index Jan 2000 = 100)
Net Residential Loans (Index 1Q07 = 100)
![Page 9: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/9.jpg)
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
40
60
80
100
120
140
160
180
200
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
United States
Texas
0
25
50
75
100
125
150
175
200
225
250
275
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Single-Family Units 2-4 Family Units
5+ Family Units
Single-Family Housing Construction Permits (Index Jan 2000 = 100)
Texas Housing Construction Permits (Index Jan 2000 = 100)
![Page 10: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/10.jpg)
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. Source: U.S. Census Bureau and Bank of Tokyo-Mitsubishi UFJ
20
60
100
140
180
220
260
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
20
40
60
80
100
120
140
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
United States
Texas
Major Metros Single-Family Housing Construction Permits (Index Jan 2000 = 100)
Total Housing Starts Per Capita
(Index Jan 2000 = 100)
![Page 11: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/11.jpg)
10
Note: Inflation adjusted. Trend-Cycle Component. Source: Dodge Data & Analytics
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
75
100
125
150
175
200
225
250
275
300
325
2011 2013 2015 2017 2019
Texas
Austin-Round Rock
Dallas-Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
3
4
5
6
7
8
9
10
2007 2009 2011 2013 2015 2017 2019
United States Texas
Total Months of Inventory (Months)
Total New Private Single-Family Construction Value
(Index Jan 2011 = 100)
![Page 12: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/12.jpg)
11
Note: Trend-Cycle Component. Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted. Source: Real Estate Center at Texas A&M University
2
4
6
8
10
12
14
16
2011 2013 2015 2017 2019
$0-$199,999 $200,000-$299,999
$300,000-$399,999 $400,000-$499,999
$500,000+
3.0 2.9
3.8
4.4
8.0
0
1
2
3
4
5
6
7
8
9
$0 - $200K $200K - $300K $300K - $400K $400K - $500K $500K+
Texas Months of Inventory by Price Cohort (Months)
Texas Current Months of Inventory by Price Cohort (January 2020)
![Page 13: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/13.jpg)
12
Texas Existing and New Home Months of Inventory (Months)
Note: Trend-Cycle Component. Source: Real Estate Center at Texas A&M University
Major Metros Existing Home Months of Inventory (Months)
Note: Trend-Cycle Component. Source: Real Estate Center at Texas A&M University
3
4
5
6
7
8
9
2011 2013 2015 2017 2019
Existing Months of Inventory
New Months of Inventory
1
2
3
4
5
6
7
8
9
2011 2013 2015 2017 2019
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
![Page 14: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/14.jpg)
13
Note: Trend-Cycle Component. Source: Real Estate Center at Texas A&M University
3.0
3.5
4.0
4.5
5.0
5.5
6.0
2011 2013 2015 2017 2019
Austin-Round Rock Dallas-Plano-Irving
Fort Worth-Arlington Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros New Home Months of Inventory (Months)
![Page 15: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/15.jpg)
14
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. 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
60
80
100
120
140
160
180
200
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
United States Texas
50
100
150
200
250
300
350
400
450
500
2011 2013 2015 2017 2019
$0-$199,999 $200,000-$299,999
$300,000-$399,999 $400,000-$499,999
$500,000+
Total Housing Sales (Index Jan 2000 = 100)
Texas Total Housing Sales by Price Cohort (Index Jan 2011 = 100)
![Page 16: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/16.jpg)
15
Note: Trend-Cycle Component. Source: Real Estate Center at Texas A&M University
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
75
100
125
150
175
200
225
250
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
45
55
65
75
85
95
105
115
2011 2013 2015 2017 2019
Existing Home Days on Market New Home Days on Market
Texas Homes Days on Market (Days)
Major Metros Total Housing Sales (Index Jan 2000 = 100)
![Page 17: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/17.jpg)
16
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
25
35
45
55
65
75
85
95
105
2011 2013 2015 2017 2019
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
60
70
80
90
100
110
120
2011 2013 2015 2017 2019
Austin-Round Rock Dallas-Plano-Irving
Fort Worth-Arlington Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros Existing Homes Days on Market (Days)
Major Metros New Homes Days on Market (Days)
![Page 18: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/18.jpg)
17
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
Note: Nonseasonally adjusted. Sources: Federal Home Loan Mortgage Corporation and Federal Reserve Board
40
50
60
70
80
90
100
110
120
130
2011 2013 2015 2017 2019
$0-$199,999 $200,000-$299,999
$300,000-$399,999 $400,000-$499,999
$500,000+
1.00
2.00
3.00
4.00
5.00
6.00
7.00
2007 2009 2011 2013 2015 2017 2019
Mortgage Bond
30-Year Mortgage Rate and 10-Year Treasury Yield
(Percent)
Texas Home Days on Market by Price Cohort (Days)
![Page 19: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/19.jpg)
18
Note: Seasonally adjusted. Source: Mortgage Bankers Association
-100
-50
0
50
100
150
200
2011 2013 2015 2017 2019
Refinance Purchase
Texas Mortgage Applications
(Year-over-Year Percentage Change)
![Page 20: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/20.jpg)
19
Note: Trend-Cycle Component. For single-family homes. Source: Federal Reserve Bank of St. Louis
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
320,000
340,000
2011 2013 2015 2017 2019
Existing Home Median Sales Price
New Home Median Sales Price
130,000
150,000
170,000
190,000
210,000
230,000
250,000
270,000
290,000
310,000
2011 2013 2015 2017 2019
Existing Home Median Sale Price
New Home Median Sale Price
Texas Existing and New Home Median Sales Price ($)
United States Existing and New Home Median Sales Price ($)
![Page 21: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/21.jpg)
20
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
120,000
150,000
180,000
210,000
240,000
270,000
300,000
330,000
360,000
2011 2013 2015 2017 2019
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
170,000
200,000
230,000
260,000
290,000
320,000
350,000
380,000
2011 2013 2015 2017 2019
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros Existing Home Median Sales Price ($)
Major Metros New Home Median Sales Price ($)
![Page 22: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/22.jpg)
21
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
65
75
85
95
105
115
125
135
145
2011 2013 2015 2017 2019
Existing Home Median Price PSF
New Home Median Price PSF
60
80
100
120
140
160
180
2011 2013 2015 2017 2019
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros Existing Home Median Price Per Square Foot ($)
Texas Home Median Price Per Square Foot ($)
![Page 23: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/23.jpg)
22
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
75
85
95
105
115
125
135
145
155
165
2011 2013 2015 2017 2019
Austin-Round Rock Dallas-Plano-Irving
Fort Worth-Arlington Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
0.90
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
2011 2013 2015 2017 2019
Existing Home Sale-to-List Price Ratio
New Home Sale-to-List Price Ratio
Texas Home Sale Price to List Price (Ratio)
Major Metros New Home Median Price Per Square Foot ($)
![Page 24: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/24.jpg)
23
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
0.90
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
2011 2013 2015 2017 2019
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
2011 2013 2015 2017 2019
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros Existing Home Sale Price to List Price (Ratio)
Major Metros New Home Sale Price to List Price (Ratio)
![Page 25: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/25.jpg)
24
Note: Seasonally adjusted. The Repeat Sales Home Price Index tracks real home price appreciation for residential single-family homes. Source: Real Estate Center at Texas A&M University
0
1
2
3
4
5
6
7
8
9
10
2014 2015 2016 2017 2018 2019 2020Texas Austin-Round RockDallas-Plano-Irving Fort Worth-ArlingtonHouston-The Woodlands-Sugar Land San Antonio-New Braunfels
Repeat Sales Home Price Index (Year-over-Year Percentage Change)
![Page 26: Texas Housing Insight · is considered a balanced housing market. The MOI for homes priced less than $300,000 fell to 2.7 months, while inventory for luxury homes (those priced more](https://reader034.fdocuments.us/reader034/viewer/2022043014/5fb2c3db451a49667d6cf99f/html5/thumbnails/26.jpg)
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
DOUG JENNINGS Fort Worth
BESA MARTIN Boerne
ALVIN COLLINS, CHAIRMAN Andrews
JJ CLEMENCE, VICE CHAIRMAN Sugar Land
TED NELSON HoustonDOUG ROBERTS AustinC. CLARK WELDER FredericksburgJAN FITE-MILLER, EX-OFFICIO Dallas
YouTubeYouTube.com/realestatecenter
Twitter@recentertx
FacebookInstagram@recentertx@recentertx
LinkedInlinkedin.com/company/recentertx