Lubbock area home sales rise, prices rise in August 2016

September 12, 2016 – Lubbock area home sales rose 3.5 percent compared to the same month last year while home prices increased, according to the August 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

According to the report, 380 homes were sold in Lubbock in August 2016, up 3.5 percent from the year prior. The median price for Lubbock area homes increased 11 percent year-over-year to $158,575 during the same time frame.

Lubbock’s monthly housing inventory* was 3.0 months in August 2016, unchanged from the year prior. Due to the low inventory, Lubbock remains a sellers’ market. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 41 days on the market in August2016, also unchanged from August2015. Additionally, the number of active listings on the market was virtually unchanged, with 945 listings during the same time frame.

Charlie Kearney, 2016 President of the Lubbock Association of REALTORS®, said, “August was another strong month. Sellers continue to benefit from low inventory, so buyers need to keep that in mind when they put an offer on a home.”

August 2016 Statistics At-A-Glance

380 – Homes sold in August2016, up 3.5 percent from August 2015.
$158,575 – Median price in August 2016, 11 percent more than August 2015.
3.0 – Monthly housing inventory in August 2016, unchanged from August 2015.
41 – Average number of days homes spent on the market in August2016, unchanged from August 2015.
945 – Active home listings on the market in August 2016, virtually unchanged from August 2015.
pdf 2016 August Infographic

With a growing economy, booming population and high quality of life, Lubbock is a great place to live, work and do business. As such, the demand for Lubbock real estate remains strong and enduring. Lubbock REALTORS®, alongside REALTORS^® throughout Texas, continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.

About the Lubbock Association of REALTORS®

The Lubbock Association of REALTORS® is committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months.

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2016 July Lubbock Area Housing Report

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Lubbock area home sales rise, prices rise in July 2016

August 12, 2016 – Lubbock area home sales rose 5.6 percent compared to the same month last year while home prices increased, according to the July 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

According to the report, 455 homes were sold in Lubbock in July 2016, up 5.6 percent from the year prior. The median price for Lubbock area homes increased 10 percent year-over-year to $150,750 during the same time frame.

Lubbock’s monthly housing inventory* was 2.9 months in July 2016, virtually unchanged from the year prior. Due to the low inventory, Lubbock remains a sellers’ market. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 33 days on the market in July2016, 4 days less than July2015. Additionally, active listings saw just a slight decrease of 1.7 percent to 924 listings during the same time frame.

Charlie Kearney, 2016 President of the Lubbock Association of REALTORS®, said, “we’re still in an aggressive seller’s market. Buyers need to be prepared for multiple offers on properties. It’s important to have a plan of action with yourRealtor so they can react quickly in those situations.”

July 2016 Statistics At-A-Glance

455 – Homes sold in July2016, up 5.6 percent from July2015.
$150,750 – Median price in July2016, 10 percent more than July2015.
2.9 – Monthly housing inventory in July 2016, virtually unchanged from July2015.
33 – Average number of days homes spent on the market in July2016, 4 days less than July2015.
924 – Active home listings on the market in July2016, 1.7 percent less than July2015.
pdf pdf 2016_JulyInfoGraphic

With a growing economy, booming population and high quality of life, Lubbock is a great place to live, work and do business. As such, the demand for Lubbock real estate remains strong and enduring. Lubbock REALTORS®, alongside REALTORS^® throughout Texas, continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.

About the Lubbock Association of REALTORS®

The Lubbock Association of REALTORS® is committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months.

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2016 June Lubbock Area Housing Report

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Lubbock area home sales rise, prices rise in June 2016

July 12, 2016 – Lubbock area home sales rose 5.5 percent compared to the same month last year while home prices increased, according to the June 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.

According to the report, 442 homes were sold in Lubbock in June 2016, up 5.5 percent from the year prior. The median price for Lubbock area homes increased 5 percent year-over-year to $145,500 during the same time frame.

Lubbock’s monthly housing inventory* was 2.8 months in June 2016, unchanged from the year prior. Due to the low inventory, Lubbock remains a sellers’ market. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.

Homes spent an average of 37 days on the market in June2016, unchanged from June2015. Additionally, active listings saw just a slight increase of an eighth of a percent to 880 listings during the same time frame.

Charlie Kearney, 2016 President of the Lubbock Association of REALTORS®, said, “we continue to see an aggressive seller’s market, so buyers need to plan their strategy a little differently. Buyers need to be ready to move fast when a house presents itself. In this market, they don’t have the luxury of being able to think on it a few days.”

June 2016 Statistics At-A-Glance

442 – Homes sold in June2016, up 5.5 percent from June2015.
$145,500 – Median price in June2016, 5 percent more than June2015.
2.8 – Monthly housing inventory in June 2016, unchanged from June2015.
37 – Average number of days homes spent on the market in June2016, unchanged from June2015.
880 – Active home listings on the market in June2016, just an eighth of a percent more than June2015.
2016 June Infographic

With a growing economy, booming population and high quality of life, Lubbock is a great place to live, work and do business. As such, the demand for Lubbock real estate remains strong and enduring. Lubbock REALTORS®, alongside REALTORS^® throughout Texas, continue to work daily to protect the rights of private-property owners, keep homeownership affordable, and promote public policies that benefit homeowners.

About the Lubbock Association of REALTORS®

The Lubbock Association of REALTORS® is committed to serving the Lubbock area by promoting REALTOR® integrity while advocating for private property rights and ownership.

* The inventory of homes for a market can be measured in months, which is defined as the number of active listings divided by the average sales per month of the prior 12 months. This report covers the Lubbock Metropolitan Statistical Area (MSA) of Lubbock, Crosby and Lynn Counties. Information is based on information from the LAR's multiple listing service (MLS).

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