The Texas Association of REALTORS® has issued results from the first quarter of 2011 showing single-family home sales for individual cities and the state overall. Bear in mind that the year-over-year comparisons are looking at first quarter 2010, whose results were greatly influenced by the Federal Housing Tax Credit that expired on April 30, 2010.
We looked at data from Austin, Houston, Dallas, and San Antonio and compared it to the performance for Texas to conclude the following:
1. In all cases, sales volume went down while average price went up, when comparing to the same quarter in 2010.
2. In all cases, sales volume also decreased when compared to the previous quarter. This marks the third consecutive quarter in which sales volume has dropped since reaching a recent peak in second quarter 2010 (due to the stimulus expiration in April 2010).
The rate at which sales volume has decreased, however, has be shrinking every quarter as well. In other words, while the raw number of sales has trended downwards in the last three quarters, the steepness of the decent has slowed.
3. Only Austin saw a year-over-year decrease in the number of months of inventory. Looking at quarter-over-quarter, only San Antonio saw their number of months of inventory increase. Austin also boasts the smallest number in this category, with 6.0 months of inventory while Texas has 7.5 months of inventory.
4. In all cases, the results from second quarter 2010 (when the Housing Tax Credit expired) is a statistical peak in sales. Thus, the next report will almost certainly show huge year-over-year decreases in sales volume.
5. In all cases, average price compared to the previous quarter went down. In every place except Dallas, this marks the second quarter in a row where average price has dropped.
Results from the Texas Quarterly Housing Report
Sales Volume (change from 1Q2010 in parentheses)
Austin 3,984 (-5.61%)
Dallas 8,066 (-11.03%)
Houston 11,793 (-1.14%)
San Antonio 3,658 (-5.47%)
TEXAS 40,192 (-7.34%)
Average Price (change from 1Q2010 in parentheses)
Austin $243,104 (+4.16%)
Dallas $213,336 (+7.82%)
Houston $206,486 (+2.96%)
San Antonio $179,571 (+4.10%)
TEXAS $193,913 (+6.49%)
The following summary charts and graphs were created by the Real Estate Center at Texas A&M University using MLS Data.