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).