Lubbock area home sales flat, prices rise in May 2016
June 22, 2016 – Lubbock area home sales were flat in May with 408 homes sold, the same number sold in May 2015, according to the May 2016 Lubbock Area Housing market report released today by the Lubbock Association of REALTORS®.
Though homes sales were unchanged from a year ago, Lubbock area home prices saw an increase of 7 percent year-over-year to $153,000. Lubbock continues to be a seller's market as well, as monthly housing inventory was unchanged from at 2.7 months. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory presents a market in which supply and demand for homes is balanced.
Homes spent an average of just 39 days on the market in May 2016, 9 days less than in May 2015. Additionally, active listings increased just 2 percent to 848 listings during the same time frame.
May 2016 Statistics At-A-Glance
- 408 – Homes sold in May 2016, unchanged from May 2015.
- $153,000 – Median price in May 2016, 7 percent more than May 2015.
- 2.7 – Monthly housing inventory in May 2016, unchanged from May 2015.
- 39 – Average number of days homes spent on the market in May 2016, 9 days less than May 2015.
- 848 – Active home listings on the market in May 2016, just 2 percent more than May 2015.
- 2016 May 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).