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.
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.