TEXAS HOUSING INSIGHT
LUIS B. TORRESRESEARCH ECONOMIST
JAMES P. GAINESCHIEF ECONOMIST
WESLEY MILLERRESEARCH ASSISTANT
TR T E C H N I C A L R E P O R T
M A R C H 2 017
2 1 2 0
Contents
AboutthisReport.............................................................................................................2
January2017Summary....................................................................................................3
Supply..............................................................................................................................3
ResidentialConstructionCoincidentandLeadingIndicator............................................................3
Single-FamilyHousingConstructionPermits...................................................................................3
MajorMetrosSingle-FamilyHousingConstructionPermits............................................................4
HousingStarts..................................................................................................................................4
TotalNewPrivateSingle-FamilyConstructionValue.......................................................................5
MonthsofInventory........................................................................................................................5
TexasMonthsofInventorybyPriceCohort.....................................................................................6
MajorMetrosMonthsofInventory.................................................................................................6
Demand...........................................................................................................................7
HousingSales...................................................................................................................................7
TexasHousingSalesbyPriceCohort................................................................................................7
MajorMetrosHousingSales............................................................................................................8
30-YearMortgageRateand10-YearBondYield..............................................................................8
TexasHomesDaysonMarket..........................................................................................................9
MajorMetrosExistingHomesDaysonMarket................................................................................9
MajorMetrosNewHomesDaysonMarket...................................................................................10
Prices.............................................................................................................................10
UnitedStatesExistingandNewHomeMedianSalesPrice............................................................10
TexasExistingandNewHomeMedianSalesPrice........................................................................11
MajorMetrosExistingHomeMedianSalesPrice..........................................................................11
MajorMetrosNewHomeMedianSalesPrice...............................................................................12
TexasHomeMedianPricePerSquareFoot...................................................................................12
MajorMetrosExistingHomeMedianPricePerSquareFoot.........................................................13
MajorMetrosNewHomeMedianPricePerSquareFoot..............................................................13
TexasHomeSalePricetoListPriceRatio.......................................................................................14
MajorMetrosExistingHomeSalePricetoListPriceRatio............................................................14
MajorMetrosNewHomeSalePricetoListPriceRatio.................................................................15
2
AboutthisReport
RealEstateCentereconomistscontinuouslymonitormanyfacetsoftheglobal,national,andTexas
economies.TexasHousingInsightisasummaryofimportanteconomicindicatorsthathelpdiscern
trendsintheTexashousingmarkets.Percentagechangesarecalculatedyear-over-year,unless
statedotherwise.
ThismonthlypublicationprovidesdataandinsightsontheTexashousingmarkets.Wehopeyou
findthemuseful.Yourfeedbackisalwaysappreciated.Sendcommentsandsuggestionsto
Dr.JamesGaines,Dr.LuisTorres,andWesleyMiller
Data current as of February 28, 2017
© 2017, Real Estate Center. All rights reserved.
3
January2017Summary
TheTexashousingmarketadvancedinJanuaryasoveralleconomicconditionsremainedfavorable.
Energypricesappreciatedanddomesticoilproductionincreased.Manufacturingandservicesector
activityalsoexpandedinTexas.Demandforhousingwasstrongerintheexistinghomemarketas
consumerssearchedforlower-costoptions.Supplyremainedconstricted,especiallyforhouses
under$300,000.Thecombinationofstrongdemandandtightsupplydrovehousingpricesupwards
acrossthehousingmarket.
Supply
TheTexasResidentialBusinessCycle(Coincident)Index,whichmeasurescurrentconstruction
activity,increasedmarginallyinJanuaryduetorisingsingle-familyhousingconstructionvalues.The
TexasResidentialConstructionLeadingIndex(RCLI),whichsignalsfuturedirectionalchangesinthe
residentialconstructionbusinesscycle,increasedtoaneight-monthhighbecauseofincreased
housingstartsandweightedbuildingpermits.
Single-familyhousingconstructionpermitsinTexasincreasedto8,935inJanuary—a25.6percent
increase.TexasledtheU.S.inpermitsandaccountedforover18percentofthenationaltotal.
Houstonremainedthenationalmetropolitanleaderinmonthlypermitsissued(2,982),while
Dallas-FortWorth(2,540)andAustin(1,244)rankedsecondandsixth,respectively.PermitsinSan
Antonio(660)spikedup47.0percent,followinglargeincreasesinNovemberandDecember.
Housingstarts,whichgenerallylagconstructionpermitmovements,increasedinTexasandthe
U.S.,reversingasix-monthdownwardtrend.Texassawastatewidemonthlyincreaseof52.6
percent*and28.1percentgrowthyear-over-year.
ThemonthsofinventoryintheU.S.hasbeenstableat4.3months*sinceNovember2016;around
6.5monthsofinventoryisconsideredabalancedhousingmarket.InventorylevelsinTexas
remainedtightataround3.7months*—thestatewideaveragesinceJune2014.TheTexasUrban
Trianglesawminimalinventorymovement.MonthsofinventoryinAustin(2.5months),Dallas(2.2
months),andFortWorth(2.1months)remainedbelowtheTexasaverage.SanAntonio(3.4
months)andHouston(3.7months)hadinventoriesthatwerecomparabletothestatewidelevel.
Since2011,themonthsofinventoryforhomesunder$300,000hassteeplydeclined.Increasing
inputcostshaveledhomebuilderstoprioritizethehigher-endmarket.Astheeconomyprogresses,
thesupplydifferencesbetweenpricecohortsshouldbegintomovetowardsnormallevels.
Demand
InJanuary,overalleconomicgrowthledtoincreasedhousingdemand.Totalhousingsalesrose4.1
percentinTexasand5.9percentnationally.Statewidesalesonhomespricedbetween$200,000
and$400,000increasedover14percentbutfell6.8percentforhomesunder$200,000.Weak
supplystuntedsalesforlow-pricedhousing.Thelownumberofdaysthathouseswereonthe
marketillustratesthestrengthofdemand.
4
TotalhousingdemandvariedthroughoutthemajorTexasmetropolitanareas.SalesinAustinand
SanAntoniorose7.8percentand9.7percent,whileDallas’salesgrewmodestlyat2.9percent.
SalesinHoustonstagnated(0.4percent)asthehousingmarketcontinuedtolagtheenergy
sector’srecovery.FortWorth’shousingsalesfellmarginallyat0.1percent.
Consumer-friendlyinterestratescontributedtoJanuary’sstrongdemandforhousing.Interestrates
tickeddownwardforthefirsttimeinsixmonths.TheFederalHomeLoanMortgageCorporation
30-yearfixed-ratedropped5basispointstoa4.2percentaverage.Theten-yearU.S.Treasury
bondyieldincheddown6basispointsto2.4percent.Interestratesareexpectedtorise
throughout2017astheFederalReserveplanstoraisethefederalfundsratetocombatinflationary
pressuresandfromstrongerloandemand.
ThemarketforexistinghomescontinuedstronginJanuary.Theaveragenumberofdayson
market(DOM)forexistinghomesdecreased2.2percent*month-over-monthto51days.TheDOM
fellto51daysinAustinand55daysSanAntonio.Dallashadthestrongestdemandforexisting
homes,wheretheDOMwasjust39days.ExistingDOMincreasedinFortWorthandHoustonto42
daysand57days.
DemandfornewhousinginTexaswasrelativelyweakerashomebuyersshiftedconsumption
towardsexistinghomestocombatrisingprices.ThenewhomeDOMrose3.4percentto90daysin
Texas.FortWorth(82days)andHouston(98days)experiencedanincreaseintheDOMfornew
homesforthethirdconsecutivemonth,indicatingnewhousingdemandremainedonitsdownward
trend.DemandfornewhousinginDallasandAustinwasstableinJanuary;theDOMfell3.6
percentinDallas(79days)andwasconstantinAustinrelativetoJanuary2016(92days).San
Antoniosawanabnormallyhighyear-over-yearincrease(29.9percent)intheDOMfornewhomes
(thelowvalueforJanuary2016isconsideredanoutlier).However,the4.7percent*monthly
increaseindicatesdemandhasonlyslightlyweakened.
Prices
Overall,salespriceshaverisensteadilyinTexassincelate2011.InJanuary,medianpricesfornew
andexistinghomesrose4.1percentand7.5percent,respectively.Priceappreciationforexisting
homesoutpacedthatofnewhomesthroughoutthemajormetropolitanareasinTexas.Thelargest
differenceoccurredinDallas,wherethemediansalespriceforexistinghomes($245,000)grew9.1
percentfasterthanfornewhomes($339,945).Similarly,themedianpriceforexistinghomesin
FortWorth($190,950)grew8.2percentfaster.Austinwastheonlymajormetrowherenewhome
pricesappreciatedmorethanexistinghomeprices.
Austinclearlyledthemajormetrosintermsofmedianpricepersquarefootforbothnewand
existinghomes.ThemedianpricesfornewandexistinghomesinAustinwere$18(13.8percent)
and$23(20.5percent)morepersquarefootthaninothermajorTexasmetros.However,median
*Seasonallyadjusted
2
pricespersquarefootinDallasandFortWorthhavesteadilygrownoverthepast12monthsand
havereducedthegapbetweenAustinandtherestofthestate.
Since2011,thestatewidemediannewhomepricehasexceededtheexistinghomepriceby47.3
percentonaverage.Thispricedifferentialstemsfromincreasesinhomesizeandlandcostsfor
newhousing;themediansquarefeetfornewhomeshasincreasedfrom2,275in2011to2,351.
Additionally,themedianpricepersquarefootforanewhomeinTexaswasapproximately15.6
percenthigherthanforanexistinghome.
Thestatewidedifferencebetweenthelistingpriceandthesalespricefornewhomesfellatthe
startof2014buthasnowflattenedasthedemandfornewhomeshaseased;alowerratio
indicatesabuyer’smarket.Conversely,thisratiohasincreasedsteadilyforexistinghomessince
2011.Since2015,thesalepricetolistpriceratiohasconvergedinthenewandexistingmarkets
around0.96.
3
Supply
Note:Seasonallyadjustedanddetrended.
Sources:RealEstateCenteratTexasA&MUniversityandFederalReserveBankofDallas
Note:Seasonallyadjustedanddetrended.
Sources:U.S.CensusBureauandRealEstateCenteratTexasA&MUniversity
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
TexasCoincidentIndex
UnitedStatesCoincidentIndex
TexasLeadingIndex
20
30
40
50
60
70
80
90
100
110
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
UnitedStates Texas
Single-FamilyHousingConstructionPermits
(IndexJan2007=100)
ResidentialConstructionCoincidentandLeadingIndicator
(IndexJan2007=100)
4
Note:Seasonallyadjustedanddetrended.FortWorthismissingdataforSomervellCounty.
Sources:U.S.CensusBureauandRealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.
Sources:U.S.CensusBureauandBankofTokyo-MitsubishiUFJ
20
30
40
50
60
70
80
90
100
110
120
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
30
40
50
60
70
80
90
100
110
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
UnitedStates Texas
MajorMetrosSingle-FamilyHousingConstructionPermits
(IndexJan2007=100)
HousingStarts
(IndexJan2007=100)
5
Note:Inflationadjusted.Seasonallyadjustedanddetrended.
Source:DodgeAnalytics
Note:Seasonallyadjustedanddetrended.MonthsofinventoryfortheUnitedStatesisestimatedusingweightsforallexisting
homesandnewsingle-familyhomes;newnon-single-familyhomesarenotincluded.Texasincludesallexistingandnewhomes.
Sources:U.S.CensusBureau,NationalAssociationofRealtors,andRealEstateCenteratTexasA&MUniversity
30
40
50
60
70
80
90
100
110
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
TexasAustin-RoundRockDallas-FortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
3
4
5
6
7
8
9
10
11
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
UnitedStates Texas
MonthsofInventory
(Months)
TotalNewPrivateSingle-FamilyConstructionValue
(IndexJan2007=100)
6
Note:Seasonallyadjustedanddetrended.
Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.
Source:RealEstateCenteratTexasA&MUniversity
30
45
60
75
90
105
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
$0-$199,000 $200,000-$299,999
$300,000-$399,999 $400,000-$499,99
$500,000+
1
2
3
4
5
6
7
8
9
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
MajorMetrosMonthsofInventory
(Months)
TexasMonthsofInventorybyPriceCohort
(IndexJan2011=100)
7
Demand
Note:Seasonallyadjustedanddetrended.SalesfortheUnitedStatesincludeallexistinghomesandnewsingle-familyhomes;
newnon-single-familyhomesarenotincluded.Texasincludesallexistingandnewhomes.
Sources:U.S.CensusBureau,NationalAssociationofRealtors,andRealEstateCenteratTexasA&MUniversity
Note:SeasonallyadjustedsalesreportedbyMLSanddetrended.
Source:RealEstateCenteratTexasA&MUniversity.
55
60
65
70
75
80
85
90
95
100
105
110
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
UnitedStates Texas
50
75
100
125
150
175
200
225
250
275
300
325
350
375
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
$0-$199,000 $200,000-$299,999
$300,000-$399,999 $400,000-$499,99
$500,000+
HousingSales
(IndexJan2007=100)
TexasHousingSalesbyPriceCohort
(IndexJan2011=100)
8
Note:SeasonallyadjustedsalesreportedbyMLSanddetrended.
Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjusted.
Sources:FederalHomeLoanMortgageCorporationandFederalReserveBoard
55
60
65
70
75
80
85
90
95
100
105
110
115
120
125
130
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Mortgage Bond
MajorMetrosHousingSales
(IndexJan2007=100)
30-YearMortgageRateand10-YearBondYield
(Percent)
9
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.
Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.
Source:RealEstateCenteratTexasA&MUniversity
50
60
70
80
90
100
110
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
ExistingHomeDaysonMarket
NewHomeDaysonMarket
25
35
45
55
65
75
85
95
105
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
MajorMetrosExistingHomesDaysonMarket
(Days)
TexasHomesDaysonMarket
(Days)
10
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.
Source:RealEstateCenteratTexasA&MUniversity
Prices
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.
Source:FederalReserveBankofSt.Louis
70
80
90
100
110
120
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRock Dallas-Plano-Irving
FortWorth-Arlington Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
320,000
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
ExistingHomeMedianSalesPrice
NewHomeMedianSalesPrice
MajorMetrosNewHomesDaysonMarket
(Days)
UnitedStatesExistingandNewHomeMedianSalesPrice
($)
11
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.
Source:RealEstateCenteratTexasA&MUniversity
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
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
ExistingHomeMedianSalesPrice
NewHomeMedianSalesPrice
120,000
140,000
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRock Dallas-Plano-Irving
FortWorth-Arlington Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
MajorMetrosExistingHomeMedianSalesPrice
($)
TexasExistingandNewHomeMedianSalesPrice
($)
12
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
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
70
75
80
85
90
95
100
105
110
115
120
125
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
ExistingHomeMedianPricePSF
NewHomeMedianPricePSF
MajorMetrosNewHomeMedianSalesPrice
($)
TexasHomeMedianPricePerSquareFoot
($)
13
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
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
75
85
95
105
115
125
135
145
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
MajorMetrosExistingHomeMedianPricePerSquareFoot
($)
MajorMetrosNewHomeMedianPricePerSquareFoot
($)
14
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
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
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
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
MajorMetrosExistingHomeSalePricetoListPriceRatio
(%)
TexasHomeSalePricetoListPriceRatio
(%)
15
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
1.00
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
MajorMetrosNewHomeSalePricetoListPriceRatio
(%)
i
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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
RUSSELL CAIN Port Lavaca
ALVIN COLLINS Andrews
JACQUELYN K. HAWKINS Austin
DOUG ROBERTS, CHAIRMAN Austin
DOUG JENNINGS, VICE CHAIRMAN Fort Worth
BESA MARTIN Boerne
TED NELSON Houston
C. CLARK WELDER San Antonio
BILL JONES, EX-OFFICIO Temple
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