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 0F E B R U A R Y 2 0 1 9 D ATA
February 2019 Summary ...................................................................................................................... 4
Residential Construction Coincident Indicator ................................................................................. 7
Single-Family Housing Construction Permits .................................................................................... 7
Texas Housing Construction Permits ................................................................................................ 8
Major Metros Single-Family Housing Construction Permits............................................................. 8
Total Housing Starts Per Capita ........................................................................................................ 9
Total New Private Single-Family Construction Value ....................................................................... 9
Total Months of Inventory .............................................................................................................. 10
Texas Months of Inventory by Price Cohort ................................................................................... 10
Texas Current Months of Inventory by Price Cohort ...................................................................... 11
Texas Existing and New Home Months of Inventory ...................................................................... 11
Major Metros Existing Home Months of Inventory ........................................................................ 12
Major Metros New Home Months of Inventory ............................................................................. 12
Demand .............................................................................................................................................. 13
Total Housing Sales ......................................................................................................................... 13
Texas Total Housing Sales by Price Cohort ..................................................................................... 13
Major Metros Total Housing Sales .................................................................................................. 14
Texas Homes Days on Market ......................................................................................................... 14
Major Metros Existing Homes Days on Market .............................................................................. 15
Major Metros New Homes Days on Market ................................................................................... 15
Texas Home Days on Market by Price Cohort ................................................................................ 16
30-Year Mortgage Rate and 10-Year Treasury Yield ....................................................................... 16
Texas Mortgage Applications .......................................................................................................... 17
Prices ................................................................................................................................................... 17
United States Existing and New Home Median Sales Price ............................................................ 17
Texas Existing and New Home Median Sales Price ......................................................................... 18
Major Metros Existing Home Median Sales Price ........................................................................... 18
Major Metros New Home Median Sales Price ................................................................................ 19
Real Estate Center Repeat Sales Housing Price Index .................................................................... 19
Texas Home Median Price Per Square Foot ....................................................................................20
Major Metros Existing Home Median Price Per Square Foot .........................................................20
Major Metros New Home Median Price Per Square Foot .............................................................. 21
2
Texas Home Sale Price to List Price ................................................................................................ 21
Major Metros Existing Home Sale Price to List Price ...................................................................... 22
Major Metros New Home Sale Price to List Price ........................................................................... 22
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 March 27, 2019
© 2019, Real Estate Center. All rights reserved.
4
February 2019 Summary
Texas housing sales increased 5.2 percent amid lower mortgage rates and decreased price pressure. Supply indicators were mixed with single-family construction permits and total housing starts stabilizing after a shaky end to 2018, but single-family private construction values continued to slide. On the demand side, the typical Texas home continued to average just 60 days on the market and sold above 95 percent of the original list price. Lower mortgage rates provided incentives for prospective purchasers, but housing affordability remained a challenge across the state. Overall, the healthy labor market, population growth, and the economic expansion supported strong housing demand.
Supply*
The Texas Residential Construction Cycle (Coincident) Index, which measures current construction activity, inched downward as construction wages and employment calmed after a year of strong growth. The future outlook, however, remains positive as indicated by upticks in the Texas Residential Construction Leading Index. Lower interest rates and the extended economic expansion bolstered the industry outlook.
Single-family housing construction permits balanced for the second straight month after a sharp drop in December. San Antonio accounted for most of the positive growth with monthly permits doubling to a cycle high of 796. Despite a 14.6 percent decline, Houston led the nation with 2,846 permits followed by Dallas-Fort Worth (DFW) at 2,698. Austin ranked fifth nationally with nearly 1,400 monthly permits issued. Across the major metros, however, single-family permit issuance normalized compared with early 2018.
Total Texas housing starts recovered most of January’s losses, driven by growth in the apartment market. Single-family private construction values, however, continued to slide as the 4Q2018 drop in permit issuance caught up to building activity. The decline was most apparent in DFW where single-family construction values fell 8.8 percent in February. Values decreased for the third and fourth consecutive months in Austin and San Antonio, respectively, but balanced in Houston after a large November drop.
Texas’ months of inventory (MOI) inched upward but held below four months. A total MOI around six months is considered a balanced housing market. Homes priced less than $200,000 and between $200,000 and $300,000 maintained MOI of 2.9 and 3.4 months, respectively. The rate of Multiple Listing Service (MLS) listings hitting the market, however, eased after surging through much of 2018. Fewer new listings and a recent uptick in sales could limit further MOI expansions.
Most of the major metros reached annual highs in MOI despite declines in new MLS listings. Dallas and San Antonio ticked up to 3.5 and 3.6 months, respectively, while Houston balanced at 4.1 MOI.
* All monthly measurements are calculated using seasonally adjusted data, and percentage changes are calculated month over month, unless stated otherwise.
5
Fort Worth maintained the lowest MOI at 2.7, up from 2.0 months in February 2018. Austin was the exception where steady sales snapped a six-month stretch of inventory increases.
Demand
Texas total housing sales increased 5.2 percent to its highest level since July as lower mortgage rates and decreased price pressure provided some breathing room to constrained markets. Resale transactions generated most of the improvement with activity increasing for the second straight month. A record-level of homes sold in the $200,000-$300,000 price range, while the bottom cohort (homes priced less than $200,000) posted its second straight monthly increase. These two cohorts account for more than 70 percent of single-family sales reported through MLSs. Furthermore, the luxury market (homes priced more than $500,000) posted an 11.9 percent monthly increase, recovering all of its 4Q2018 losses.
All of the major metros posted positive sales growth. Activity trended upward in Central Texas with sales increasing four out of the last five months in both Austin and San Antonio. Fort Worth posted the largest monthly growth at 12.4 percent after adjusting downward in the second half of 2018. Similarly, Dallas and Houston transactions stabilized, increasing 6.0 and 6.5 percent, respectively.
Despite slow and steady increases over the past year, the Texas average days on market (DOM) balanced at its four-year trend of 60 days and corroborated healthy housing demand. Austin and San Antonio accounted for most of the monthly decline as the DOM sank to 56 and 59 days, respectively. Houston homes averaged 57 days on the market but trended upward. The North Texas market continued to steady after a prolonged period of imbalances. The Dallas DOM surpassed 51 days for the first time since 2013 while Fort Worth reached a three-year high at 44 days.
Softer economic data, particularly in February’s U.S. employment report, decreased inflation expectations and weighed on interest rates. The ten-year U.S. Treasury bond yield fell to an annual low below 2.7 percent, while the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate dropped to 4.4 percent. Texans capitalized on lower rates, pushing mortgage applications for home purchases up 11.2 percent in the first two months of 2019. Refinance mortgage applications, which are more sensitive to interest rate fluctuations, increased 20.2 percent year to date.
Prices
In addition to lower mortgage rates, home price increases continued to moderate after substantial post-recession appreciation. The Texas median home price balanced at $235,500, just 2.6 percent above year-ago levels. While still increasing, home prices are no longer soaring at double-digits levels YOY like in 2017. Austin maintained the highest median price but fell below $300,000 for the first time since spring 2018. Healthy activity in the $200,000-$300,000 cohort, which constitutes the lower end of the Austin market, provided the recent relief in price pressure. The median dipped for the third consecutive month in Dallas to $282,100 and fell below $238,000 in Houston. Fort
6
Worth and San Antonio median prices, however, increased more than $3,000 between January and February, reaching $235,400 and $229,300, respectively.
The Texas Repeat Sales Indices corroborated movements in the major metro median prices. In Dallas, YOY growth slowed to 2.8 percent, the lowest in more than six years. The metro’s list-to-sale price balanced at 0.96, down from its peak of 0.98 in January 2017, indicating solid market fundamentals despite the recent price slide. Houston’s repeat sales index decelerated to 3.1 percent, while the Fort Worth index climbed above 5 percent. Central Texas observed steady annual price growth at 4.1 percent in both Austin and San Antonio. Despite the overall moderation, home-price appreciation continued to outpace wages and weighed on housing affordability.
Although Texas’ affordability remained favorable compared with other states, the gap is narrowing. This presents a significant challenge to Texas’ demographic advantages that have supported its economic prosperity over the past decade.
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. Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University
40
50
60
70
80
90
100
110Ja
n-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
TX Coincident Index US Coincident Index TX Leading Index
20
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
Residential Construction Coincident Indicator (Index Jan 2007 = 100)
Single-Family Housing Construction Permits (Index Jan 2007 = 100)
8
Note: Trend-Cycle Component. Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University
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
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
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 RockDallas-Plano-IrvingFort Worth-ArlingtonHouston-The Woodlands-Sugar LandSan Antonio-New Braunfels
Texas Housing Construction Permits (Index Jan 2007 = 100)
Major Metros Single-Family Housing Construction Permits (Index Jan 2007 = 100)
9
Note: Trend-Cycle Component.
Sources: U.S. Census Bureau and Bank of Tokyo-Mitsubishi UFJ
Note: Inflation adjusted. Trend-Cycle Component. Source: Dodge Analytics
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
75
100
125
150
175
200
225
250
275
300
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
Texas
Austin-Round Rock
Dallas-Fort Worth-Arlington
Houston-The Woodlands-SugarLandSan Antonio-New Braunfels
Total New Private Single-Family Construction Value (Index Jan 2011 = 100)
Total Housing Starts Per Capita (Index Jan 2007 = 100)
10
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
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
Sep-
16
Jan-
17
May
-17
Sep-
17
Jan-
18
May
-18
Sep-
18
Jan-
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)
11
Note: Seasonally adjusted. Source: Real Estate Center at Texas A&M University
Texas Existing and New Home Months of Inventory
(Months)
Note: Trend-Cycle Component. Source: Real Estate Center at Texas A&M University
2.9 3.4
4.45.2
9.5
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
Sep-
11
May
-12
Jan-
13
Sep-
13
May
-14
Jan-
15
Sep-
15
May
-16
Jan-
17
Sep-
17
May
-18
Jan-
19
Existing Months of Inventory
New Months of Inventory
Texas Current Months of Inventory by Price Cohort (February 2019)
12
Major Metros Existing Home Months of Inventory (Months)
Note: Trend-Cycle Component. Source: Real Estate Center at Texas A&M University
Note: Trend-Cycle Component. Source: Real Estate Center at Texas A&M University
1
2
3
4
5
6
7
8
9
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
3.0
3.5
4.0
4.5
5.0
5.5
6.0
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-IrvingFort Worth-Arlington Houston-The Woodlands-Sugar LandSan Antonio-New Braunfels
Major Metros New Home Months of Inventory (Months)
13
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. 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.
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
Sep-
11
May
-12
Jan-
13
Sep-
13
May
-14
Jan-
15
Sep-
15
May
-16
Jan-
17
Sep-
17
May
-18
Jan-
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)
14
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
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 RockDallas-Plano-IrvingFort Worth-ArlingtonHouston-The Woodlands-Sugar LandSan Antonio-New Braunfels
45
55
65
75
85
95
105
115
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
Existing Home Days on Market New Home Days on Market
Texas Homes Days on Market (Days)
Major Metros Total Housing Sales (Index Jan 2007 = 100)
15
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
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
60
70
80
90
100
110
120
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-IrvingFort Worth-Arlington Houston-The Woodlands-Sugar LandSan Antonio-New Braunfels
Major Metros Existing Homes Days on Market (Days)
Major Metros New Homes Days on Market (Days)
16
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted.
Sources: Federal Home Loan Mortgage Corporation and Federal Reserve Board
40
50
60
70
80
90
100
110
120
130
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
$0-$199,999 $200,000-$299,999
$300,000-$399,999 $400,000-$499,999
$500,000+
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Jan-
07
Sep-
07
May
-08
Jan-
09
Sep-
09
May
-10
Jan-
11
Sep-
11
May
-12
Jan-
13
Sep-
13
May
-14
Jan-
15
Sep-
15
May
-16
Jan-
17
Sep-
17
May
-18
Jan-
19
Mortgage Bond
30-Year Mortgage Rate and 10-Year Treasury Yield (Percent)
Texas Home Days on Market by Price Cohort (Days)
17
Source: Mortgage Bankers Association
Prices
Note: Trend-Cycle Component. For single-family homes. Source: Federal Reserve Bank of St. Louis
-80
-60
-40
-20
0
20
40
60
80
100Ja
n-11
Sep-
11
May
-12
Jan-
13
Sep-
13
May
-14
Jan-
15
Sep-
15
May
-16
Jan-
17
Sep-
17
May
-18
Jan-
19
Refinance Purchase
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
320,000
340,000
Jan-
11
Sep-
11
May
-12
Jan-
13
Sep-
13
May
-14
Jan-
15
Sep-
15
May
-16
Jan-
17
Sep-
17
May
-18
Jan-
19
Existing Home Median Sales Price
New Home Median Sales Price
Texas Mortgage Applications (Year-over-Year Percentage Change)
United States Existing and New Home Median Sales Price ($)
18
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
130,000
150,000
170,000
190,000
210,000
230,000
250,000
270,000
290,000
310,000
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
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
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 RockDallas-Plano-IrvingFort Worth-ArlingtonHouston-The Woodlands-Sugar LandSan Antonio-New Braunfels
Major Metros Existing Home Median Sales Price ($)
Texas Existing and New Home Median Sales Price ($)
19
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
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
170,000
200,000
230,000
260,000
290,000
320,000
350,000
380,000
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 RockDallas-Plano-IrvingFort Worth-ArlingtonHouston-The Woodlands-Sugar LandSan Antonio-New Braunfels
0
1
2
3
4
5
6
7
8
9
10
Jan-
14
Apr-
14
Jul-1
4
Oct
-14
Jan-
15
Apr-
15
Jul-1
5
Oct
-15
Jan-
16
Apr-
16
Jul-1
6
Oct
-16
Jan-
17
Apr-
17
Jul-1
7
Oct
-17
Jan-
18
Apr-
18
Jul-1
8
Oct
-18
Jan-
19
Austin-Round RockDallas-Plano-IrvingFort Worth-ArlingtonHouston-The Woodlands-Sugar LandSan Antonio-New Braunfels
Major Metros New Home Median Sales Price ($)
Real Estate Center Repeat Sales Housing Price Index (Year-over-Year Percentage Change)
20
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
65
75
85
95
105
115
125
135
Jan-
11
Sep-
11
May
-12
Jan-
13
Sep-
13
May
-14
Jan-
15
Sep-
15
May
-16
Jan-
17
Sep-
17
May
-18
Jan-
19
Existing Home Median Price PSF
New Home Median Price PSF
60
70
80
90
100
110
120
130
140
150
160
Jan-
11
Sep-
11
May
-12
Jan-
13
Sep-
13
May
-14
Jan-
15
Sep-
15
May
-16
Jan-
17
Sep-
17
May
-18
Jan-
19
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros Existing Home Median Price Per Square Foot ($)
Texas Home Median Price Per Square Foot ($)
21
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
Note: Trend-Cycle Component. For single-family homes. Source: Real Estate Center at Texas A&M University
75
85
95
105
115
125
135
145
155
Jan-
11
Sep-
11
May
-12
Jan-
13
Sep-
13
May
-14
Jan-
15
Sep-
15
May
-16
Jan-
17
Sep-
17
May
-18
Jan-
19
Austin-Round Rock Dallas-Plano-IrvingFort Worth-Arlington Houston-The Woodlands-Sugar LandSan Antonio-New Braunfels
0.90
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
Jan-
11
Sep-
11
May
-12
Jan-
13
Sep-
13
May
-14
Jan-
15
Sep-
15
May
-16
Jan-
17
Sep-
17
May
-18
Jan-
19
Existing Home Sale-to-List Price Ratio
New Home Sale-to-List Price Ratio
Texas Home Sale Price to List Price (Ratio)
Major Metros New Home Median Price Per Square Foot ($)
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
0.90
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
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
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
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-
19Austin-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)
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
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