Texas Housing Insights

TEXAS HOUSING INSIGHTLUIS B. TORRES

RESEARCH ECONOMISTJAMES P. GAINESCHIEF ECONOMIST WAYNE DAY

RESEARCH ASSOCIATE

WESLEY MILLERRESEARCH ASSISTANT TR T E C H N I C A L R E P O R T

F E B R U A R Y 2 0172 1 2 0

Contents

AboutthisReport..............................................................................................................3

December2016Summary.................................................................................................4

Supply..............................................................................................................................6

ResidentialConstructionCoincidentandLeadingIndicator............................................................7

Single-FamilyHousingConstructionPermits...................................................................................7

MajorMetrosSingle-FamilyHousingConstructionPermits............................................................8

BorderMetrosSingle-FamilyHousingConstructionPermits...........................................................8

HousingStarts..................................................................................................................................9

TotalNewPrivateSingle-FamilyConstructionValue.......................................................................9

VacantDevelopedLots...................................................................................................................10

MonthsofInventory......................................................................................................................10

MajorMetrosMonthsofInventory...............................................................................................11

BorderMetrosMonthsofInventory..............................................................................................11

Demand..........................................................................................................................12

HousingSales.................................................................................................................................12

MajorMetrosHousingSales..........................................................................................................12

BorderMetrosHousingSales.........................................................................................................13

30-YearMortgageRateand10-YearBondYield............................................................................13

TexasHomesDaysonMarket........................................................................................................14

MajorMetrosExistingHomesDaysonMarket..............................................................................14

BorderMetrosExistingHomesDaysonMarket............................................................................15

MajorMetrosNewHomesDaysonMarket...................................................................................15

BorderMetrosNewHomesDaysonMarket.................................................................................16

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

UnitedStatesExistingandNewHomeAverageSalesPrice...........................................................16

TexasExistingandNewHomeAverageSalesPrice........................................................................17

MajorMetrosExistingHomeAverageSalesPrice.........................................................................17

BorderMetrosExistingHomeAverageSalesPrice........................................................................18

MajorMetrosNewHomeAverageSalesPrice..............................................................................18

BorderMetrosNewHomeAverageSalesPrice.............................................................................19

UnitedStatesExistingandNewHomeMedianSalesPrice............................................................19

TexasExistingandNewHomeMedianSalesPrice........................................................................20

MajorMetrosExistingHomeMedianSalesPrice..........................................................................20

BorderMetrosExistingHomeMedianSalesPrice.........................................................................21

MajorMetrosNewHomeMedianSalesPrice...............................................................................21

BorderMetrosNewHomeMedianSalesPrice..............................................................................22

TexasHomeAveragePricePerSquareFoot..................................................................................22

MajorMetrosExistingHomeAveragePricePerSquareFoot........................................................23

BorderMetrosExistingHomeAveragePricePerSquareFoot.......................................................23

MajorMetrosNewHomeAveragePricePerSquareFoot.............................................................24

BorderMetrosNewHomeAveragePricePerSquareFoot...........................................................24

TexasHomeMedianPricePerSquareFoot...................................................................................25

MajorMetrosExistingHomeMedianPricePerSquareFoot.........................................................25

BorderMetrosExistingHomeMedianPricePerSquareFoot.......................................................26

MajorMetrosNewHomeMedianPricePerSquareFoot..............................................................26

BorderMetrosNewHomeMedianPricePerSquareFoot............................................................27

TexasHomeSalePricetoListPriceRatio.......................................................................................27

MajorMetrosExistingHomeSalePricetoListPriceRatio............................................................28

MajorMetrosNewHomeSalePricetoListPriceRatio.................................................................28

AboutthisReport

RealEstateCentereconomistscontinuouslymonitormanyfacetsoftheglobal,national,andTexaseconomies.TexasHousingInsightisasummaryofimportanteconomicindicatorsthathelpdiscerntrendsintheTexashousingmarkets.

ThismonthlypublicationprovidesdataandinsightsontheTexashousingmarkets.Wehopeyoufindthemuseful.Yourfeedbackisalwaysappreciated.Sendcommentsandsuggestionstoinfo@recenter.tamu.edu.

Dr.JamesGaines,Dr.LuisTorres,WayneDay,andWesleyMiller

Data current as of January 30, 2017

December2016Summary

TheTexaseconomyexpandedinDecemberasenergyandhousingmarketsadvanced,andtheoutlookonoveralleconomicconditionsinTexasincreasedfromNovember.Totalnonfarmemploymentexpanded1.8percentyear-over-year,comparedto1.4percentgrowthnationally.Employmentgrowthwasspurredbytheservice-providingsectorwhereeducationalandhealth,leisureandhospitality,andgovernmentservicejobsrealizedmostofthegains.Demandforhousingweatheredrisingmortgagerates.Housingpricesfurtherappreciatedasstrongdemandovertookmodestsupplyincreases.Monthsofinventoryanddaysonthemarketremainedrelativelylow.Totalbuildingpermitsincreasedoverthemonthandyear.Nevertheless,thecoincidentandleadingindexessuggestaslowdowninresidentialconstruction.Withinterestratesexpectedtorisein2017,salesintheshort-termmaypullback,buthomepricesareexpectedtokeepincreasing.

Supply

TheTexasResidentialConstructionLeadingIndex(RCLI),whichsignalsfuturedirectionalchangesintheresidentialconstructionbusinesscycleofsingle-andmultifamilyhousing,declinedinDecember.TheRCLIwasnegativelyaffectedbyamonthlydeclineinhousingstarts.TheTexasResidentialBusinessCycle(Coincident)Index,themeasureofcurrentconstructionactivity,alsodeclinedasinflation-adjustedresidentialconstructionvaluescontinuedaslidebeguninMay2016.TheRCLIindicatesslowergrowthinfutureresidentialconstructionwhilethecoincidentindexregisteredaslowdownincurrentactivityalreadyunderway.Housingstartsdecreased13.2percentseasonallyadjustedyear-over-yearinDecembercontinuinganegativetrendthatstartedinlate-summer2016.

Housingstartsarepositivelyrelatedwithconstructionpermitsandlagtheirmovementsbysomemonths.Single-familyhousingconstructionpermitsstatewideincreasedduringDecemberbothonanannualandmonthlybasis.Austincontinuedtogrowatanacceleratedrateafterreachingatroughinmid-2015.Dallasmaintainedanupwardtrendandgrew10.5percentseasonallyadjustedyear-over-year.FortWorthandSanAntonioended2016withaconsistentclimbinhousingconstructionpermitsthatoccurredthroughouttheyear.Houstoncontinueditsslowrecovery,closingtheyearwithslightlyfewerhousingconstructionpermitsrelativeto2015.Despiteslowgrowth,Houstonstillledthenationinthenumberofsingle-familypermitsissuedmonthlyat2,568;Dallas-FortWorth(2,327)andAustin(1,144)rankedsecondandsixthnationally.Inthefourthquarter,thesupplyofvacantdevelopedlotsincreasedinDallas,Houston,andSanAntonioforhomeswithasalespriceover$200,000.Theoverallsupplyoflotscontinuedtolagbehindthedemandfornewhousing.

MonthsofInventoryofTexashousesforsalesettledat3.6months(seasonallyadjusted),indicatingcontinuedstronghousingdemandandtightsupply.Thenationrestedat4.3months,suggestingconstrainedsupplymaypersistnationally(around6.5monthsofinventoryisconsidered

abalancedhousingmarket).Overall,supplyhasbeenrestrictedduetolimitedlotinventoryandconstructionlaborshortages.

Demand

InDecember,totalhousingsalesinTexasreturnedtomoremutedlevelsafterastrongNovember.Salesgrewjust0.6percentyear-over-year(seasonallyadjusted).Nationally,totalhousingsalescontractedmarginallyat0.1percentyear-over-year.ThemajormetrosinTexastrendedbacktomodestsaleslevels.Year-over-yeargrowthrateswere3.9percentforAustin,negative4.7percentforDallas,negative1.4percentforFortWorth,3percentforHouston,and8.4percentforSanAntonio.InNovember,homebuyersmayhaveexpeditedpurchasespriortointerestrateincreases;therefore,salesnormallyoccurringinDecembercouldhavebeenpulledintothepriormonth.Employmentandincomegrowth,aswellasconsumerconfidence,contributedtoincreasedTexashousingsales.Consumerconfidencefavoredtheeconomy’ssustainedpost-electionsurgeandtaxreliefexpectations.

InterestratesroseinDecemberasinflationandinflationexpectationsincreasedduetopossiblefuturefederalgovernmentpolicychanges.TheFederalHomeLoanMortgageCorporationincreased43basispointstoa4.20percentaveragerateona30-yearfixed-ratemortgage,reachingapeaknotseensinceApril2014.Theten-yearU.S.Treasurybondyieldalsomovedtoitshighestpointsince2014,risingfrom2.14inNovemberto2.49percentinDecember.

ThenumberofdaysthatexistingandnewhomeswereonthemarketduringDecemberremainedlowat53and92days(seasonallyadjusted),respectively,reflectingconstrainedsupplyandcontinuedstrongdemand.ThisstabilitywasreflectedintheexistinghomemarketsfortheTexasTrianglemetros,whilethenewhomemarketsexhibitedslightlymorevolatility.Thenumberofdaysonthemarketfornewhomesincreasedyear-over-yearby15.8percentinFortWorth(85) and3.1percentinHouston(99),anddecreasedby7.3percentinSanAntonio(83).ThemarketsinAustin(105) andDallas(79)wererelativelyconstantinyear-over-yearcalculations.

Prices

Overall,salespriceshaverisensteadilyinTexassincelate2011.ExistinghomepricesincreasedthroughDecemberinthestateandmajormetros.TheaverageandmediansalespriceofanexistinghomeinFortWorthincreasedby10percentand13percentseasonallyadjustedyear-over-year,respectively.TheaveragesalespriceinAustin,Dallas,andHoustongrewmorethan5percentoverthesameperiod.SanAntoniolaggedwithyear-over-yeargrowthsettlingjustabove0.5percent.Similarly,newhomesalesperformedbetterinAustin,Dallas,andFortWorththanSanAntonioandHouston.AveragesalespricesonnewhomesinFortWorthsurged21percentyear-over-year,whileDallas’gainsweremoremodestat8percent.AustinwasthehousepriceappreciationleaderthroughDecember2016withexistinghomepricesremainingwellabovetheothermajormetros.Austinclearlyleadsthemajormetrosintermsofpricepersquarefootforbothnewandexistinghomes.TheaveragenewandexistinghomesinAustinare$50and$30morepersquarefoot,respectively,thanhousesinothermajorTexasmetros.Nonenergyemployment

growthandastrongservicessectorcausedDallas-FortWorthtoregisterstrongpriceappreciationinDecember.ExistinghomepricesinHoustoncontinuedtorecoverfollowingtheenergysectordeclinewhilenewhomepricesarestilllagging.

Thedifferencebetweentheinitiallistingpricetotheactualsalespricefornewhomesfellatthestartof2014andflattenedoutasthedemandfornewhomeseased.Thegapbetweennewandexistinghomesales-to-priceratiohasconvergedat0.96.

Since2011,newhomepriceshaveexceededexistinghomepricesby47percentand37percentbasedonmedianandaveragesalesprices,respectively.Thispricedifferentialresultsprimarilybecauseofincreasesinhomesizefornewerhomesandthesignificantincreasesinconstructionandlandcostsfornewhomes.TheaveragepricepersquarefootforanewhomeinTexaswasapproximately19percentmorethanforanexistinghome.

Supply

Note:Seasonallyadjustedanddetrended.Sources:RealEstateCenteratTexasA&MUniversityandFederalReserveBankofDallas

Note:Seasonallyadjustedanddetrended.Sources:U.S.CensusBureauandRealEstateCenteratTexasA&MUniversity

110Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

TexasCoincidentIndex

UnitedStatesCoincidentIndex

TexasLeadingIndex

Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

UnitedStates Texas

Single-FamilyHousingConstructionPermits(IndexJan2007=100)

ResidentialConstructionCoincidentandLeadingIndicator(IndexJan2007=100)

Note:Seasonallyadjustedanddetrended.FortWorthismissingdataforSomervellCounty.Sources:U.S.CensusBureauandRealEstateCenteratTexasA&MUniversity

Note:Seasonallyadjustedanddetrended.Sources:U.S.CensusBureauandRealEstateCenteratTexasA&MUniversity

Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

Austin-RoundRock

Dallas-Plano-Irving

FortWorth-Arlington

Houston-TheWoodlands-SugarLand

SanAntonio-NewBraunfels

Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

Brownsville-HarlingenElPasoLaredoMcAllen-Edinburg-Mission

MajorMetrosSingle-FamilyHousingConstructionPermits(IndexJan2007=100)

BorderMetrosSingle-FamilyHousingConstructionPermits(IndexJan2007=100)

Note:Seasonallyadjustedanddetrended.Sources:U.S.CensusBureauandBankofTokyo-MitsubishiUFJ

Note:Inflationadjusted.Seasonallyadjustedanddetrended.Source:DodgeAnalytics

Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

UnitedStates Texas

Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

TexasAustin-RoundRockDallas-FortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels

HousingStarts(IndexJan2007=100)

TotalNewPrivateSingle-FamilyConstructionValue(IndexJan2007=100)

Source:Metrostudy

Note:Seasonallyadjustedanddetrended.MonthsofinventoryfortheUnitedStatesisestimatedusingweightsforallexistinghomesandnewsingle-familyhomes;newnon-single-familyhomesarenotincluded.Texasincludesallexistingandnewhomes.Sources:U.S.CensusBureau,NationalAssociationofRealtors,andRealEstateCenteratTexasA&MUniversity

Austin Dallas

Houston SanAntonio

Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

UnitedStates Texas

MonthsofInventory(Months)

VacantDevelopedLots(Index1Q2003=100)

Note:Seasonallyadjustedanddetrended.Source:RealEstateCenteratTexasA&MUniversity

Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

Austin-RoundRockDallas-Plano-IrvingFortWorth-ArlingtonHouston-TheWoodlands-SugarLandSanAntonio-NewBraunfels

4.05.06.07.08.09.010.011.012.013.014.015.016.017.0

Jan-11

Apr-11

Oct-11

Jan-12

Apr-12

Oct-12

Jan-13

Apr-13

Oct-13

Jan-14

Apr-14

Oct-14

Jan-15

Apr-15

Oct-15

Jan-16

Apr-16

Oct-16

MajorMetrosMonthsofInventory(Months)

BorderMetrosMonthsofInventory(Months)

Demand

Note:Seasonallyadjustedanddetrended.SalesfortheUnitedStatesincludeallexistinghomesandnewsingle-familyhomes;newnon-single-familyhomesarenotincluded.Texasincludesallexistingandnewhomes.Sources:U.S.CensusBureau,NationalAssociationofRealtors,andRealEstateCenteratTexasA&MUniversity

Note:SeasonallyadjustedsalesreportedbyMLSanddetrended.Source:RealEstateCenteratTexasA&MUniversity

110Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

UnitedStates Texas

556065707580859095100105110115120125130

Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

MajorMetrosHousingSales(IndexJan2007=100)

HousingSales(IndexJan2007=100)

Note:SeasonallyadjustedsalesreportedbyMLSanddetrended.Source:RealEstateCenteratTexasA&MUniversity

Note:Seasonallyadjusted.Sources:FederalHomeLoanMortgageCorporationandFederalReserveBoard

Jan-07

Apr-07

7Oct-07

Jan-08

Apr-08

8Oct-08

Jan-09

Apr-09

9Oct-09

Jan-10

Apr-10

0Oct-10

Jan-11

Apr-11

1Oct-11

Jan-12

Apr-12

2Oct-12

Jan-13

Apr-13

3Oct-13

Jan-14

Apr-14

4Oct-14

Jan-15

Apr-15

5Oct-15

Jan-16

Apr-16

6Oct-16

Jan-07

May-07

Sep-07

Jan-08

May-08

Sep-08

Jan-09

May-09

Sep-09

Jan-10

May-10

Sep-10

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

Mortgage Bond

BorderMetrosHousingSales(IndexJan2007=100)

30-YearMortgageRateand10-YearBondYield(Percent)

Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:RealEstateCenteratTexasA&MUniversity

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

ExistingHomeDaysonMarketNewHomeDaysonMarket

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

MajorMetrosExistingHomesDaysonMarket(Days)

TexasHomesDaysonMarket(Days)

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Brownsville-Harlingen ElPasoLaredo McAllen-Edinburg-Mission

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Austin-RoundRock Dallas-Plano-Irving

FortWorth-Arlington Houston-TheWoodlands-SugarLand

BorderMetrosExistingHomesDaysonMarket(Days)

MajorMetrosNewHomesDaysonMarket(Days)

Prices

Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:FederalReserveBankofSt.Louis

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Brownsville-Harlingen ElPasoLaredo McAllen-Edinburg-Mission

200,000

220,000

240,000

260,000

280,000

300,000

320,000

340,000

360,000

380,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

ExistingHomeAverageSalesPrice

NewHomeAverageSalesPrice

BorderMetrosNewHomesDaysonMarket(Days)

UnitedStatesExistingandNewHomeAverageSalesPrice($)

170,000

190,000

210,000

230,000

250,000

270,000

290,000

310,000

330,000

350,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

ExistingHomeAverageSalesPrice

NewHomeAverageSalesPrice

150,000

175,000

200,000

225,000

250,000

275,000

300,000

325,000

350,000

375,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

TexasExistingandNewHomeAverageSalesPrice($)

MajorMetrosExistingHomeAverageSalesPrice($)

110,000

120,000

130,000

140,000

150,000

160,000

170,000

180,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

200,000220,000240,000260,000280,000300,000320,000340,000360,000380,000400,000420,000440,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

BorderMetrosExistingHomeAverageSalesPrice($)

MajorMetrosNewHomeAverageSalesPrice($)

Note:Seasonallyadjustedanddetrended.Forsingle-familyhomes.Source:FederalReserveBankofSt.Louis

130,000

140,000

150,000

160,000

170,000

180,000

190,000

200,000

210,000

220,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

160,000

180,000

200,000

220,000

240,000

260,000

280,000

300,000

320,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

ExistingHomeMedianSalesPrice

NewHomeMedianSalesPrice

BorderMetrosNewHomeAverageSalesPrice($)

UnitedStatesExistingandNewHomeMedianSalesPrice($)

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

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

ExistingHomeMedianSalesPrice

NewHomeMedianSalesPrice

120,000

140,000

160,000

180,000

200,000

220,000

240,000

260,000

280,000

300,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

MajorMetrosExistingHomeMedianSalesPrice($)

TexasExistingandNewHomeMedianSalesPrice($)

80,000

90,000

100,000

110,000

120,000

130,000

140,000

150,000

160,000

170,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

170,000

210,000

250,000

290,000

330,000

370,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

BorderMetrosExistingHomeMedianSalesPrice($)

MajorMetrosNewHomeMedianSalesPrice($)

110,000

120,000

130,000

140,000

150,000

160,000

170,000

180,000

190,000

200,000

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Brownsville-Harlingen ElPaso

Laredo McAllen-Edinburg-Mission

7580859095100105110115120125130135

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

ExistingHomeAveragePricePSF

NewHomeAveragePricePSF

BorderMetrosNewHomeMedianSalesPrice($)

TexasHomeAveragePricePerSquareFoot($)

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Brownsville-Harlingen

ElPaso

Laredo

McAllen-Edinburg-Mission

MajorMetrosExistingHomeAveragePricePerSquareFoot($)

BorderMetrosExistingHomeAveragePricePerSquareFoot($)

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Brownsville-Harlingen

ElPaso

Laredo

McAllen-Edinburg-Mission

MajorMetrosNewHomeAveragePricePerSquareFoot($)

BorderMetrosNewHomeAveragePricePerSquareFoot($)

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

ExistingHomeMedianPricePSF

NewHomeMedianPricePSF

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Austin-RoundRock

Dallas-Plano-Irving

FortWorth-Arlington

MajorMetrosExistingHomeMedianPricePerSquareFoot($)

TexasHomeMedianPricePerSquareFoot($)

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Brownsville-Harlingen ElPaso

Laredo McAllen-Edinburg-Mission

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

BorderMetrosExistingHomeMedianPricePerSquareFoot($)

MajorMetrosNewHomeMedianPricePerSquareFoot($)

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

ExistingHomeSale-to-ListPriceRatio

NewHomeSale-to-ListPriceRatio

TexasHomeSalePricetoListPriceRatio(%)

BorderMetrosNewHomeMedianPricePerSquareFoot($)

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Austin-RoundRock

Dallas-Plano-Irving

FortWorth-Arlington

Jan-11

Mar-11

May-11

1Sep-11

Nov-11

Jan-12

Mar-12

May-12

2Sep-12

Nov-12

Jan-13

Mar-13

May-13

3Sep-13

Nov-13

Jan-14

Mar-14

May-14

4Sep-14

Nov-14

Jan-15

Mar-15

May-15

5Sep-15

Nov-15

Jan-16

Mar-16

May-16

6Sep-16

Nov-16

Austin-RoundRock

Dallas-Plano-Irving

FortWorth-Arlington

MajorMetrosExistingHomeSalePricetoListPriceRatio(%)

MajorMetrosNewHomeSalePricetoListPriceRatio(%)

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

ALVIN COLLINS Andrews

JACQUELYN K. HAWKINS Austin

BESA MARTIN Boerne

RUSSELL CAIN, CHAIRMAN Port Lavaca

DOUG JENNINGS, VICE CHAIRMAN Fort Worth

TED NELSON HoustonDOUG ROBERTS AustinC. CLARK WELDER San AntonioBILL JONES, EX-OFFICIO Temple

Texas Housing Insights

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