TEXAS HOUSING INSIGHTLUIS B. TORRES
RESEARCH ECONOMISTJAMES P. GAINESCHIEF ECONOMIST
WESLEY MILLERRESEARCH ASSISTANT
TR T E C H N I C A L R E P O R T
M AY 2 0172 1 2 0
Contents
AboutthisReport.........................................................................................................................3
March2017Summary..................................................................................................................4
Supply..........................................................................................................................................8
ResidentialConstructionCoincidentandLeadingIndicator............................................................8
Single-FamilyHousingConstructionPermits...................................................................................8
MajorMetrosSingle-FamilyHousingConstructionPermits............................................................9
HousingStarts..................................................................................................................................9
MajorMetrosHousingStarts.........................................................................................................10
VacantDevelopedLots...................................................................................................................10
TotalNewPrivateSingle-FamilyConstructionValue.....................................................................11
TotalMonthsofInventory.............................................................................................................11
TexasExistingandNewHomeMonthsofInventory.....................................................................12
TexasMonthsofInventorybyPriceCohort...................................................................................12
MajorMetrosExistingHomeMonthsofInventory.......................................................................13
MajorMetrosNewHomeMonthsofInventory............................................................................13
Demand.....................................................................................................................................14
HousingSales.................................................................................................................................14
TexasHousingSalesbyPriceCohort..............................................................................................14
MajorMetrosHousingSales..........................................................................................................15
HomeOwnershipRate...................................................................................................................15
MajorMetrosHomeOwnershipRate............................................................................................16
30-YearMortgageRateand10-YearBondYield............................................................................16
TexasHomesDaysonMarket........................................................................................................17
TexasHomeDaysonMarketbyPriceCohort................................................................................17
MajorMetrosExistingHomesDaysonMarket..............................................................................18
MajorMetrosNewHomesDaysonMarket...................................................................................18
Prices.........................................................................................................................................19
UnitedStatesExistingandNewHomeMedianSalesPrice............................................................19
TexasExistingandNewHomeMedianSalesPrice........................................................................19
MajorMetrosExistingHomeMedianSalesPrice..........................................................................20
2
MajorMetrosNewHomeMedianSalesPrice...............................................................................20
TexasHomeMedianPricePerSquareFoot...................................................................................21
MajorMetrosExistingHomeMedianPricePerSquareFoot.........................................................21
MajorMetrosNewHomeMedianPricePerSquareFoot..............................................................22
TexasHomeSalePricetoListPriceRatio.......................................................................................22
MajorMetrosExistingHomeSalePricetoListPriceRatio............................................................23
MajorMetrosNewHomeSalePricetoListPriceRatio.................................................................23
3
AboutthisReport
RealEstateCentereconomistscontinuouslymonitormanyfacetsoftheglobal,national,andTexaseconomies.TexasHousingInsightisasummaryofimportanteconomicindicatorsthathelpdiscerntrendsintheTexashousingmarkets.Allmonthlymeasurementsarecalculatedusingseasonallyadjusteddata,andpercentagechangesarecalculatedmonth-over-month,unlessstatedotherwise.
ThismonthlypublicationprovidesdataandinsightsontheTexashousingmarkets.Wehopeyoufindthemuseful.Yourfeedbackisalwaysappreciated.Sendcommentsandsuggestionstoinfo@recenter.tamu.edu.
Dr.JamesGaines,Dr.LuisTorres,andWesleyMiller
Data current as of April 27, 2017
© 2017, Real Estate Center. All rights reserved.
4
March2017Summary
TheTexashousingmarketadvancedinMarch,asoveralleconomicconditionsremainedfavorable.Texasemploymentcontinuedtorise,particularlyinthegoods-producingsectorwhereenergyproductionandhousingactivityincreased.WeakhousingsalesinFebruaryrelievedsomeofthemarketpressureandallowedthehousingsupplyitslargestexpansionsince2011.Thesupplyofhomesunder$200,000continuedtolagtherestofthemarketand,combinedwithrisingprices,presentsincreasedaffordabilityconcerns.
Supply*
TheTexasResidentialBusinessCycle(Coincident)Index,whichmeasurescurrentconstructionactivity,increasedmarginallyduetorisingwagesintheconstructionindustry.TheTexasResidentialConstructionLeadingIndex(RCLI),whichsignalsfuturedirectionalchangesintheresidentialconstructionbusinesscycle,reachedadecadehighashousingstartsandweightedbuildingpermitsaccelerated.
ThenumberofvacantdevelopedlotsincreasedthroughouttheTexasmajormetros,indicatingfuturesupplygrowth.DallasandHoustonledthestatewithover48,690and46,567vacantdevelopedlots,respectively.Moreover,thenumberofvacantdevelopedlotscontinuedtorecoverinAustin(21,222)andSanAntonio(19,263),increasing2.9percentand1.7percent,respectively.
Thenumberofstatewidemonthlysingle-familyhousingconstructionpermitsjumped11.5percenttoaten-yearhigh10,481,followingthisyear’sanemicstart.Texasledthecountryintotalpermitsissuedandwasrankedfifthinpermitspercapita.ConstructionpermitsrampedupacrosstheTexasUrbanTriangle.HoustonandDallasremainedthenationalleaders,issuing3,543permitsand2,405permits,respectively.FortWorthissued863—a45.4percentincreasesinceJanuary.PermitsinAustinandSanAntonioincreasedafterlagginginFebruary.Austinissuedadecadehigh1,547permits,whileSanAntonio(705)exhibiteda27.2percentincrease.
Texashousingstarts,whichgenerallylagconstructionpermits,increased26.7percentquarter-over-quarter—thestrongestfirstquarterinoveradecade.Quarterlystarts1wereupinDallas,Houston,andSanAntonio,increasingby4.6percent,5.3percent,and5.8percent,respectively.Startsdropped10.1percentinAustinbutshouldgainmomentumfollowingthismonth’spositivepermitnumbers.
Single-familynewconstructionvaluesinTexastickeddown1.3percent.Intheshortrun,residentialconstructionshouldshifttowardsmediumpricedhomes($200,000-$400,000)toalleviatecurrentmarketimbalances.SanAntonioconstructionvaluesslidforthesecondmonth
*Allmonthlymeasurementsarecalculatedusingseasonallyadjusteddata,andpercentagechangesarecalculatedmonth-over-month,unlessstatedotherwise.1Housingstartsforthemajormetropolitanareasarenotavailableatthemonthlyfrequency.
5
andweredown24.1percentfromJanuary.Conversely,constructionvaluesincreasedinAustinandHoustonby6.7percentand5.5percent,respectively.
Themonthsofinventory(MOI)intheU.S.settledat4.3months;aroundsixmonthsofinventoryisconsideredabalancedhousingmarket.InventorylevelsinTexasroseto3.7months,markingthelargestmonthlypercentagechangesinceJanuary2011.However,mostofthisexpansionoccurredfornewhomesandinthemediumpricerange,providinglittlerelieftotheaffordablehousingproblem;theMOIrosejust0.4percentforhomesunder$200,000.Thisbottompricecohortremainedthemostconstrictedat3.1monthsofinventory,illustratinghomebuilders’prioritizationofthehigher-endmarkettocombatincreasinginputcosts(laborandland).
Housingsupplyremainsparticularlyconstrainedinthemajormetropolitanareas.TheMOIforexistinghomesinDallasandFortWorthremainedundertwomonths,andinventoriesinAustin(2.2months)andSanAntonio(2.8months)settledwellbelowthestateaverage(3.4months).However,existinghomeinventoriesjumped5.1percentinHouston,pushingtheMOIabove3.5months.
RecentsupplyincreasesinTexasdrovethenewhomeMOIabove5.1months.SignificantinventorygrowthoccurredinAustin(10.7percent),Dallas(13.6percent),andSanAntonio(9.2percent).TheMOIrose5.9percentinFortWorth,raisinginventorylevelsabovefourmonthsforthefirsttimesinceOctober.Despitethesepositivetrends,thenewhomeMOIremainedlessthantheTexasaverageoffivemonthsforeverymajormetroexceptHouston(5.0months).
Demand
Texashousingdemandgrewsteadilyastheaveragenumberofdaysonmarket(DOM)settledat57daysforthethirdconsecutivemonth.The$200,000to$300,000pricecohortdrovethisdemand,withtheaveragehomesellingafterjust52days.Totalhousingsalesrose3.3percentafteraweakFebruary,increasingineverymajormetroandpricecohort.
Dallasexhibitedthelargestpercentageincreaseintotalhomesalesat5.5percentandledTexasinfirstquarternewhomesalesat7,722.Similarly,totalsalesinHoustonincreasedby4.8percent,whilequarterlynewhomesalesrose4.9percent.PopulationandmigrationtrendscontinuedtodrivetheHoustonandDallashousingmarkets.Conversely,totalsaleswereflatinAustinandSanAntonio,andnewhomesalespostedtheirsecondstraightquarterlydecline.
TheTexashomeownershipratefellfurtherbelowthenationalaverageinthefirstquarter,droppingto61.5percentasthenationalaverageremainedabove63.5percent.HomeownershipdeclinedinDallasandSanAntonioto61.5percentand58.4percent,respectively,followinglastquarter’sincrease.Austin’shomeownershiprateincreasedforthesecondstraightmonth,risingto58.4percent,whileHoustonapproachedthestateaverageat60.0percent.
InterestratesremainedstableastheFederalReserveraisedthefederalfundsratebyaquarterpointforthesecondtimeinthreemonths.Theten-yearU.S.Treasurybondtickedupto2.5
6
percent,reflectingaweaknationaljobsreportandturmoilintheMiddleEast.Furthermore,theFederalHomeLoanMortgageCorporation30-yearfixedratebalancedat4.2percentforthefourthconsecutivemonth.
Statewide,theexistinghomeDOMsustaineditsyearlongaverageof52days,indicatingstrongdemandforcheaperhousing.DallasandHoustonechoedthisphenomenon,maintainingthelowestDOMat31and35days,respectively.TheDOMinSanAntoniofellbelow47daysandhasdecreased15.1percentinsixmonths.DemandforexistinghomeseasedinAustin,astheDOMroseto42days—thehighestsinceJanuary2015.
ThedemandfornewhomesinTexassettledat93daysafterasurprisinglystrongFebruary.FortWorthandDallasremainedthehottestmarketsfornewhomes,withnewhomeDOMat77and78days,respectively.Theremainingmajormetrosexhibiteddemandcomparabletothestatewidelevel.TheDOMinAustin(96days)andSanAntonio(91days)accelerated9.4percentand15.8percent,respectively,whileHoustonshowedtheweakestdemand,sellingtheaveragehomeafter100days.
Prices
ThemedianhomepriceinTexasdeceleratedby0.8percentashousinginventoriesexpanded.Thesupplyincrease,whichconsistedprimarilyofnewhomes,wasunabletorelievepricepressuresintheexistinghomesmarket.Thestatewidemedianpriceforanexistinghome($210,847)roseforthethirdstraightmonth,increasing9.5percentyear-over-year.OftheTexasmetropolitanareas,AustinandDallasmaintainedthehighestmedianprices,postingrecordhighsat$289,014and$265,524,respectively.ExistinghomesinHoustonwereabove$216,000,whilepricesinFortWorth($207,272)declinedforthefirsttimesinceJune.Moreover,themedianpriceinSanAntoniotickeddownto$193,519,approximately$17,000lessthantheTexasmedian.
Thestatewidemedianpricefornewhomes($296,771)fell,albeitmildlyat0.2percent,andlaggedthenationalmedian,whichroseto$313,410.Medianpricesfell3.1percentand4.5percentinAustin($322,375)andDallas($355,903),respectivelybutwereflatinHoustonataround$315,000.DemandoutpacedinventoryincreasesinFortWorth($302,140)andSanAntonio($274,465),pushingupmedianprices2.5percentand8.0percent,respectively.
Inthepastsixyears,Texas’mediannewhomepriceexceededtheexistinghomepricebyanaverageof47.1percent.Thispricedifferentialresultedfromincreasesinhomesizesandlandcostsfornewhousing.Since2011,themediansquarefootagefornewhomeshasincreasedby5.0percentto2,389squarefeet.Additionally,themedianpricepersquarefootforanewhomeinTexaswasapproximately16.0percenthigherthanforanexistinghome.Austinledthestateinmedianpricepersquarefoot,forbothexistingandnewhomes,at$145and$143persquarefoot,respectively.However,thepricepersquarefootinDallasandFortWorthacceleratedoverthepastyearandreducedthegapbetweenAustinandtherestofTexas.
7
Thestatewidedifferencebetweenthelistingpriceandthesalespricefornewhomesfellatthestartof2014buthasnowflattenedasthedemandfornewhomeshaseased;alowerratioindicatesabuyer’smarket.Conversely,thisratiohasincreasedsteadilysince2011forexistinghomes.Inthepasttwoyears,thesale-price-to-list-priceratiohasconvergedinthenewandexistingmarketsaround0.96.However,thisconvergencehasnotoccurredinDallasandHouston,wheretheexistingratioremainstwopointshigherthantheratiofornewhomes.
8
Supply
Note:Seasonallyadjustedanddetrended.Sources:RealEstateCenteratTexasA&MUniversityandFederalReserveBankofDallas
Note:Seasonallyadjustedanddetrended.Sources:U.S.CensusBureauandRealEstateCenteratTexasA&MUniversity
40
50
60
70
80
90
100
110Jan-07
Jul-0
7
Jan-08
Jul-0
8
Jan-09
Jul-0
9
Jan-10
Jul-1
0
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
TXCoincidentIndex USCoincidentIndex TXLeadingIndex
20
30
40
50
60
70
80
90
100
110
Jan-07
Jul-0
7
Jan-08
Jul-0
8
Jan-09
Jul-0
9
Jan-10
Jul-1
0
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
UnitedStates Texas
Single-FamilyHousingConstructionPermits(IndexJan2007=100)
ResidentialConstructionCoincidentandLeadingIndicator(IndexJan2007=100)
9
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
130
Jan-07
Jul-0
7
Jan-08
Jul-0
8
Jan-09
Jul-0
9
Jan-10
Jul-1
0
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
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-0
7
Jan-08
Jul-0
8
Jan-09
Jul-0
9
Jan-10
Jul-1
0
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
UnitedStates Texas
MajorMetrosSingle-FamilyHousingConstructionPermits(IndexJan2007=100)
HousingStarts(IndexJan2007=100)
10
Note:Seasonallyadjustedanddetrended.
Source:Metrostudy
Note:Seasonallyadjustedanddetrended.Source:Metrostudy
25
50
75
100
125
150
175
200
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
3Q14
1Q15
3Q15
1Q16
3Q16
1Q17
Austin Dallas
Houston SanAntonio
50
75
100
125
150
175
200
225
250
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
3Q14
1Q15
3Q15
1Q16
3Q16
1Q17
Austin Dallas
Houston SanAntonio
VacantDevelopedLots(IndexQ12003=100)
MajorMetrosHousingStarts(IndexQ12003=100)
11
Note:Inflationadjusted.Seasonallyadjustedanddetrended.Source:DodgeAnalytics
Note:Seasonallyadjustedanddetrended.MonthsofinventoryfortheUnitedStatesisestimatedusingweightsforallexistinghomesandnewsingle-familyhomes;newnonsingle-familyhomesarenotincluded.Texasincludesallexistingandnewhomes.Sources:U.S.CensusBureau,NationalAssociationofRealtors,andRealEstateCenteratTexasA&MUniversity
40
55
70
85
100
115
130
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
TexasAustin-RoundRockDallas-FortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
3
4
5
6
7
8
9
10
11
Jan-07
Jul-0
7
Jan-08
Jul-0
8
Jan-09
Jul-0
9
Jan-10
Jul-1
0
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
UnitedStates Texas
TotalMonthsofInventory(Months)
TotalNewPrivateSingle-FamilyConstructionValue(IndexJan2007=100)
12
TexasExistingandNewHomeMonthsofInventory
(Months)
Note:Seasonallyadjustedanddetrended.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Source:RealEstateCenteratTexasA&MUniversity
2
3
4
5
6
7
8
9
10
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
ExistingHomeMonthsofInventory
NewHomeMonthsofInventory
0
2
4
6
8
10
12
14
16
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
$0-$199,000 $200,000-$299,999$300,000-$399,999 $400,000-$499,99$500,000+
TexasMonthsofInventorybyPriceCohort(IndexJan2011=100)
13
MajorMetrosExistingHomeMonthsofInventory(Months)
Note:Seasonallyadjustedanddetrended.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Source:RealEstateCenteratTexasA&MUniversity
0
2
4
6
8
10
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
MajorMetrosNewHomeMonthsofInventory(Months)
14
Demand
Note:Seasonallyadjustedanddetrended.SalesfortheUnitedStatesincludeallexistinghomesandnewsingle-familyhomes;newnon-single-familyhomesarenotincluded.Texasincludesallexistingandnewhomes.Sources:U.S.CensusBureau,NationalAssociationofRealtors,andRealEstateCenteratTexasA&MUniversity
Note:SeasonallyadjustedsalesreportedbyMLSanddetrended.Source:RealEstateCenteratTexasA&MUniversity
556065707580859095100105110115
Jan-07
Jul-0
7
Jan-08
Jul-0
8
Jan-09
Jul-0
9
Jan-10
Jul-1
0
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
UnitedStates Texas
75100125150175200225250275300325350375400
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
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)
15
Note:SeasonallyadjustedsalesreportedbyMLSanddetrended.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Source:UnitedStatesCensusBureau
556065707580859095100105110115120125130
Jan-07
Jul-0
7
Jan-08
Jul-0
8
Jan-09
Jul-0
9
Jan-10
Jul-1
0
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
60
61
62
63
64
65
66
67
68
69
70
I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 17
UnitedStates Texas
MajorMetrosHousingSales(IndexJan2007=100)
HomeOwnershipRate(%)
16
Note:Seasonallyadjustedanddetrended.Source:UnitedStatesCensusBureau
Note:Seasonallyadjusted.Source:FederalHomeLoanMortgageCorporationandFederalReserveBoard
54
56
58
60
62
64
66
68
70
72
74
I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 17
Austin Dallas Houston SanAntonio
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Jan-07
Jul-0
7
Jan-08
Jul-0
8
Jan-09
Jul-0
9
Jan-10
Jul-1
0
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Mortgage Bond
30-YearMortgageRateand10-YearBondYield(Percent)
MajorMetrosHomeOwnershipRate(%)
17
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:SeasonallyadjustedsalesreportedbyMLSanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
50
60
70
80
90
100
110
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
ExistingHomeDaysonMarketNewHomeDaysonMarket
45
55
65
75
85
95
105
115
125
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
$0-$199,000 $200,000-$299,999$300,000-$399,999 $400,000-$499,99$500,000+
TexasHomesDaysonMarket(Days)
TexasHomeDaysonMarketbyPriceCohort(Days)
18
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
25
35
45
55
65
75
85
95
105
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
70
80
90
100
110
120
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRock Dallas-Plano-Irving
FortWorth-Arlington Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
MajorMetrosExistingHomesDaysonMarket(Days)
MajorMetrosNewHomesDaysonMarket(Days)
19
Prices
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:FederalReserveBankofSt.Louis
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
320,000
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
ExistingHomeMedianSalesPrice
NewHomeMedianSalesPrice
130,000
150,000
170,000
190,000
210,000
230,000
250,000
270,000
290,000
310,000
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
ExistingHomeMedianSalesPrice
NewHomeMedianSalesPrice
TexasExistingandNewHomeMedianSalesPrice($)
UnitedStatesExistingandNewHomeMedianSalesPrice($)
20
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.
Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
120,000
140,000
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRock Dallas-Plano-Irving
FortWorth-Arlington Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
170,000
200,000
230,000
260,000
290,000
320,000
350,000
380,000
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
MajorMetrosExistingHomeMedianSalesPrice($)
MajorMetrosNewHomeMedianSalesPrice($)
21
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
70
75
80
85
90
95
100
105
110
115
120
125
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
ExistingHomeMedianPricePSF
NewHomeMedianPricePSF
60
70
80
90
100
110
120
130
140
150
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
MajorMetrosExistingHomeMedianPricePerSquareFoot($)
TexasHomeMedianPricePerSquareFoot($)
22
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
75
85
95
105
115
125
135
145
155
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
ExistingHomeSale-to-ListPriceRatio
NewHomeSale-to-ListPriceRatio
TexasHomeSalePricetoListPriceRatio(%)
MajorMetrosNewHomeMedianPricePerSquareFoot($)
23
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity
0.90
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
1.00
Jan-11
Jul-1
1
Jan-12
Jul-1
2
Jan-13
Jul-1
3
Jan-14
Jul-1
4
Jan-15
Jul-1
5
Jan-16
Jul-1
6
Jan-17
Austin-RoundRock
Dallas-Plano-Irving
FortWorth-Arlington
Houston-TheWoodlands-SugarLand
SanAntonio-NewBraunfels
MajorMetrosExistingHomeSalePricetoListPriceRatio(%)
MajorMetrosNewHomeSalePricetoListPriceRatio(%)
i
ADVISORY COMMITTEE
MAYS BUSINESS SCHOOL
Texas A&M University 2115 TAMU
College Station, TX 77843-2115
http://recenter.tamu.edu 979-845-2031
DIRECTOR
GARY W. MALER
MARIO A. ARRIAGA Conroe
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 HoustonC. CLARK WELDER San AntonioBILL JONES, EX-OFFICIO Temple
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