texas housing insight

TEXAS HOUSING INSIGHTLUIS B. TORRES

RESEARCH ECONOMISTJAMES P. GAINESCHIEF ECONOMIST WESLEY MILLER

RESEARCH ASSOCIATE

BAILEY CUADRARESEARCH INTERN TR T E C H N I C A L R E P O R T

A P R I L 2 0182 1 2 0

Contents

February 2018 Summary ...................................................................................................................... 4

Residential Construction Coincident and Leading Indicator ............................................................. 7

Single-Family Housing Construction Permits .................................................................................... 7

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

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

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

Housing Sales .................................................................................................................................. 13

Texas Housing Sales by Price Cohort .............................................................................................. 13

Texas Homes Days on Market ......................................................................................................... 14

Texas Home Days on Market by Price Cohort ................................................................................ 14

Major Metros Existing Homes Days on Market .............................................................................. 15

Major Metros New Homes Days on Market ................................................................................... 15

30-Year Mortgage Rate and 10-Year Treasury Yield ....................................................................... 16

Prices ................................................................................................................................................... 16

United States Existing and New Home Median Sales Price ............................................................ 16

Texas Existing and New Home Median Sales Price ......................................................................... 17

Major Metros Existing Home Median Sales Price ........................................................................... 17

Major Metros New Home Median Sales Price ................................................................................ 18

Texas Home Median Price Per Square Foot.................................................................................... 18

Major Metros Existing Home Median Price Per Square Foot ......................................................... 19

Major Metros New Home Median Price Per Square Foot .............................................................. 19

Texas Home Sale Price to List Price Ratio ....................................................................................... 20

2

Major Metros Existing Home Sale Price to List Price Ratio............................................................. 20

Major Metros New Home Sale Price to List Price Ratio ................................................................. 21

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 Bailey Cuadra

Data current as of March 26, 2018

© 2018, Real Estate Center. All rights reserved.

4

February 2018 Summary

Supply-side obstacles menaced the Texas housing market as homebuilders, faced with rising input and labor costs, failed to keep pace with the state’s economic and population growth. Housing sales fell 0.9 percent as supply shortages hindered growth. Inventory relief in the new-home market vanished, dragging the Texas months of inventory to a 28-year low of 3.4 months. Single-family supply indicators remained stable at an aggregate level but are not satisfying the current rate of household formation in Texas. The challenge remains not only for developers to expand the housing stock but to do so especially at the lower end of the market.

Supply*

The Texas Residential Construction Cycle (Coincident) Index, which measures current construction activity, inched forward as industry employment and wage growth offset rising interest rates. A monthly slowdown in weighted building permits and housing starts flattened the Texas Residential Construction Leading Index (RCLI), signaling supply-side challenges as the year progresses.

The number of statewide monthly single-family housing construction permits (unweighted) ticked down 2.6 percent but maintained upward momentum. Texas led the U.S. in permits issued and accounted for more than 17 percent of the national total. Houston remained the national metropolitan leader, issuing 3,363 nonseasonally adjusted monthly permits, followed by Dallas-Fort Worth (DFW) at 2,897. Data revisions corrected Fort Worth’s January boom down from 60.3 to 50.3 percent, but levels stayed elevated this month. Austin permits ticked down to 1,186 but moved from eighth to sixth in the national ranking. In contrast, the trend deepened in San Antonio (545) as permits slid 25.5 percent since September 2017. Despite leading the nation in single-family housing construction, additional growth is warranted as statewide permits per capita remained more than 36 percent below 2006 levels.

Texas housing starts dropped 12 percent, retracting all of last month’s double-digit growth. Slowed multifamily construction accounted for most of the monthly flop. Aside from cyclical volatility, the trend for total housing starts flattened in 2014 and has failed to sustain several growth spurts. After accounting for the state’s population increases, the outlook worsens as per capita starts remained 39.5 percent below pre-recessionary levels.

Single-family private construction values followed housing starts down 18.3 percent, slipping to the lowest level since July 2016. Declines were widespread across the state. After solid gains in January, DFW and San Antonio recorded 15.6 and 22.0 percent contractions, respectively. Single-family construction values extended a six-month slide in Austin, falling 25.5 percent since August 2017. Houston fared better amid rebuilding efforts after last year’s hurricane but still posted a 7.8 percent contraction.

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

5

The Texas months of inventory (MOI) sunk below 3.4 months, its lowest point in the series’ 28-year history. Around six months of inventory is considered a balanced housing market. Both new- and existing-home MOI reached record lows at 4.4 and 3.1 months, respectively. Supply conditions worsened across the price spectrum, but major shortages persisted for homes priced below $300,000, where the MOI slid to 2.7 months. This ultra-constrained price range accounted for more than 70 percent of homes sold through Multiple Listing Services (MLS), affecting more than the stereotypically strained demographics (e.g. first-time homebuyers and millennials).

Supply conditions suffered similarly in the major metros as population growth stressed housing construction capacity. North Texas observed the tightest supply as the MOI fell below 2.3 and 2.0 months in Dallas and Fort Worth, respectively. With resale inventories near their lower limit, the downward pressure stemmed primarily in the new-home market where the supply of listings collapsed by more than 15 percent year over year (YOY). In San Antonio, 17 straight year-over-year declines in the supply of new-home listings pulled the total MOI below 3.3 months. Last year’s inventory improvements in Austin dissipated as the MOI receded below 2.4 months. Houston was the only major market with MOI above the state level, settling around 3.5 months.

Demand

Seasonally adjusted housing sales fell 0.9 percent, dampened by decreased activity in the new-home market. Shortages of homes priced less than $300,000 continued to hinder growth. In Dallas and San Antonio, total housing sales fell 2.1 and 5.0 percent, respectively, but maintained upward trends. Sales volumes flattened in Austin and Fort Worth, mirroring the statewide movement, while Houston sales remained elevated 39 percent since Hurricane Harvey.

Despite sluggish sales, Texas housing demand was strong as the average days on market (DOM) fell below two months. Homes priced between $200,000 and $300,000 sold rapidly, averaging 54 days on the market, while homes priced below $200,000 averaged 59 days. In general, demand levels by price cohort have plateaued under the current market conditions, maintaining a flat trend since 2015.

North Texas maintained fierce demand, where homes averaged just 42 and 38 days on the market in Dallas and Fort Worth, respectively. Homes in Austin and San Antonio averaged 58 and 60 days, up 9.4 and 9.5 percent YOY, respectively. Houston homes also averaged 57 days on the market but exhibited downward pressure amid steady sales.

Interest rates surged amid increased fiscal spending and economic growth, prompting concerns that the Fed could accelerate the pace of federal funds rate hikes. The ten-year U.S. Treasury bond yield rose 28 basis points to 2.86 percent, the highest since January 2014. A similar 30-basis-point increase pushed the Federal Home Loan Mortgage Corporation 30-year fixed-rate above 4.3 percent. In Texas, the rising rate lifted annual mortgage payments nearly $400 on the median home, adding an additional $11,655 over a 30-year term. Mortgage financing obstacles, combined with an $11,000 YOY sale price increase, struck a blow to waning housing affordability.

6

Prices

The Texas median home price held firm at $231,414, a 5.1 percent increase YOY. The median for both new and resale homes continued to break record highs, reaching $299,155 and $223,937, respectively. While still rising, the rate of price appreciation moderated in the major metros. Austin maintained the highest median home price at $300,365, slightly above 3 percent growth YOY, while the Houston median ($232,542) ticked up just 1.4 percent. In Dallas ($286,402) and Fort Worth ($224,956), the annual rate of increase was 4.9 and 5.5 percent, the slowest in over three years. In San Antonio, the median home price inched below $218,000 but maintained a solid upward trend.

The statewide median price per square foot (ppsf) rose for the ninth consecutive month, surpassing $114.50. Despite falling inventories, the premium for new rather than resale homes fell nearly $2 to $15.82. A combination of regional economic growth and scarce land lifted the Austin and Dallas ppsf above $151 and $131, respectively. The ppsf in Fort Worth reached a record level $115.61 as home sizes continued to shrink. In San Antonio, the median ppsf rose 6.6 percent YOY to $112.69 and could soon surpass the statewide level. In contrast, the Houston ppsf ticked down to $106.36, widening its gap from the other major metros.

The Texas sale-to-list price ratio hovered around 0.96 but exhibited upward pressure from new-home shortages. The Austin ratio moved closer to 0.97, while Dallas and Fort Worth rose to 0.98. The sale-to-list price ratio was slightly lower at 0.96 and 0.95 in San Antonio and Houston, respectively. In general, elevated sale-to-list price ratios highlighted market imbalances across the state. The mixture of supply constraints and homes flying off the market reduced homebuyers’ bargaining power.

7

Supply

Note: Seasonally adjusted and detrended. Sources: Real Estate Center at Texas A&M University and Federal Reserve Bank of Dallas

Note: Seasonally adjusted and detrended. Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University

40

50

60

70

80

90

100

110Ja

n-07

Aug-

07

Mar

-08

Oct

-08

May

-09

Dec-

09

Jul-1

0

Feb-

11

Sep-

11

Apr-

12

Nov

-12

Jun-

13

Jan-

14

Aug-

14

Mar

-15

Oct

-15

May

-16

Dec-

16

Jul-1

7

Feb-

18

TX Coincident Index US Coincident Index TX Leading Index

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

Jul-1

7

Jan-

18

United States Texas

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

Residential Construction Coincident and Leading Indicator (Index Jan 2007 = 100)

8

Note: Seasonally adjusted and detrended. Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University

Note: Seasonally adjusted and detrended. 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

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

Jul-1

7

Jan-

18

Single Family Units 2-4 Family Units

5+ Family Units

2030405060708090

100110120130140

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

Jul-1

7

Jan-

18

Austin-Round RockDallas-Plano-IrvingFort Worth-ArlingtonHouston-The Woodlands-Sugar LandSan Antonio-New Braunfels

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

Texas Housing Construction Permits (Index Jan 2007 = 100)

9

Note: Seasonally adjusted and detrended. Sources: U.S. Census Bureau and Bank of Tokyo-Mitsubishi UFJ

Note: Inflation adjusted. Seasonally adjusted and detrended. Source: Dodge Analytics

30

40

50

60

70

80

90

100

110

Jan-

07Ju

n-07

Nov

-07

Apr-

08Se

p-08

Feb-

09Ju

l-09

Dec-

09M

ay-1

0O

ct-1

0M

ar-1

1Au

g-11

Jan-

12Ju

n-12

Nov

-12

Apr-

13Se

p-13

Feb-

14Ju

l-14

Dec-

14M

ay-1

5O

ct-1

5M

ar-1

6Au

g-16

Jan-

17Ju

n-17

Nov

-17

United States

Texas

75

100

125

150

175

200

225

250

275

300

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18

Texas

Austin-Round Rock

Dallas-Fort Worth-Arlington

Houston-The Woodlands-Sugar Land

San Antonio-New Braunfels

Housing Starts Per Capita (Index Jan 2007 = 100)

Total New Private Single-Family Construction Value (Index Jan 2011 = 100)

10

Note: Seasonally adjusted and detrended. 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: Seasonally adjusted and detrended. 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

United States Texas

2

4

6

8

10

12

14

16

18

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

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

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

$500,000+

Total Months of Inventory (Months)

Texas Months of Inventory by Price Cohort (Months)

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

11

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

Texas Existing and New Home Months of Inventory

(Months)


2.8 2.8

3.9

4.8

8.9

0

1

2

3

4

5

6

7

8

9

10

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

2

3

4

5

6

7

8

9

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

Existing Months of Inventory

New Months of Inventory

Texas Current Months of Inventory by Price Cohort (Feb 2018)

12

Major Metros Existing Home Months of Inventory

(Months)



1

2

3

4

5

6

7

8

9

10Ja

n-11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18

Austin-Round Rock

Dallas-Plano-Irving

Fort Worth-Arlington



3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18

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: Seasonally adjusted and detrended. Sales for the United States include all existing homes and new single-family homes; 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: Seasonally adjusted sales reported by MLS and detrended. Source: Real Estate Center at Texas A&M University

556065707580859095

100105110115

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

United States Texas

50

100

150

200

250

300

350

400

450

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18

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

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

$500,000+

Housing Sales (Index Jan 2007 = 100)

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

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

14

Note: Seasonally adjusted and detrended. For single-family homes. Source: Real Estate Center at Texas A&M University

Note: Seasonally adjusted sales reported by MLS and detrended. For single-family homes. Source: Real Estate Center at Texas A&M University

50

60

70

80

90

100

110

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

Existing Home Days on Market

New Home Days on Market

45

55

65

75

85

95

105

115

125

135

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18

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

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

$500,000+

Texas Homes Days on Market (Days)

Texas Home Days on Market by Price Cohort (Days)

15



25

35

45

55

65

75

85

95

105

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18


70

80

90

100

110

120

130

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18


Major Metros Existing Homes Days on Market (Days)

Major Metros New Homes Days on Market (Days)

16

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

Prices

Note: Seasonally adjusted and detrended. For single-family homes. Source: Federal Reserve Bank of St. Louis

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Jan-

07Ju

n-07

Nov

-07

Apr-

08Se

p-08

Feb-

09Ju

l-09

Dec-

09M

ay-1

0O

ct-1

0M

ar-1

1Au

g-11

Jan-

12Ju

n-12

Nov

-12

Apr-

13Se

p-13

Feb-

14Ju

l-14

Dec-

14M

ay-1

5O

ct-1

5M

ar-1

6Au

g-16

Jan-

17Ju

n-17

Nov

-17

Mortgage Bond

160,000

180,000

200,000

220,000

240,000

260,000

280,000

300,000

320,000

340,000

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18

Existing Home Median Sales Price

New Home Median Sales Price

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

30-Year Mortgage Rate and 10-Year Treasury Yield (Percent)

17


Note: Seasonally adjusted and detrended. 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

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

Existing Home Median Sale Price

New Home Median Sale Price

120,000

140,000

160,000

180,000

200,000

220,000

240,000

260,000

280,000

300,000

320,000

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18

Austin-Round Rock

Dallas-Plano-Irving




Major Metros Existing Home Median Sales Price ($)

Texas Existing and New Home Median Sales Price ($)

18



170,000

200,000

230,000

260,000

290,000

320,000

350,000

380,000

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18


70

80

90

100

110

120

130

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

Existing Home Median Price PSF

New Home Median Price PSF

Major Metros New Home Median Sales Price ($)

Texas Home Median Price Per Square Foot ($)

19



60

70

80

90

100

110

120

130

140

150

160

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18

Austin-Round Rock

Dallas-Plano-Irving




75

85

95

105

115

125

135

145

155

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18


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

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

20



0.90

0.91

0.92

0.93

0.94

0.95

0.96

0.97

0.98

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

Existing Home Sale-to-List Price Ratio

New Home Sale-to-List Price Ratio

0.90

0.91

0.92

0.93

0.94

0.95

0.96

0.97

0.98

0.99

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18Austin-Round Rock

Dallas-Plano-Irving




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

Texas Home Sale Price to List Price Ratio (%)

21


0.91

0.92

0.93

0.94

0.95

0.96

0.97

0.98

0.99

Jan-

11

Jun-

11

Nov

-11

Apr-

12

Sep-

12

Feb-

13

Jul-1

3

Dec-

13

May

-14

Oct

-14

Mar

-15

Aug-

15

Jan-

16

Jun-

16

Nov

-16

Apr-

17

Sep-

17

Feb-

18

Austin-Round Rock

Dallas-Plano-Irving




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

i

ADVISORY COMMITTEE

MAYS BUSINESS SCHOOL

Texas A&M University 2115 TAMU

College Station, TX 77843-2115

http://recenter.tamu.edu 979-845-2031

DIRECTOR

GARY W. MALER

MARIO A. ARRIAGA Conroe

RUSSELL CAIN Port Lavaca

ALVIN COLLINS Andrews

JACQUELYN K. HAWKINS Austin

DOUG JENNINGS, CHAIRMAN Fort Worth

BESA MARTIN, VICE CHAIRMAN Boerne

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

http://recenter.tamu.edu