Do You Know About Texas Real Estate?

The Media is full of all the bad news of the housing market! But what about Texas? Let me give you some stats from TexasRealEstate.com!!

Texas Homes Prices:
• Median sales price (half of the all homes sold are priced higher and half are priced lower) in January, 1009: $131,200, down only 5% from January, 2008.
• Median sales price for 2008 (full year): $146,900, unchanged compared to 1007
• Average sales price in January, 2009: $166,400, down 8% from January, 2008
• Average sales price for 2008 (full year): $191,700 from 2007

Look at our neighbors:
• California median sales price in November, 2008: $185,680, down 41.8% from November, 2007
• Arizona average sales price in December, 2008: $192,908 down from $313,000 in December, 2007

Home Price Appreciation:
• The average home sales price in Texas has increased $15,600 from December 2004 to December, 2008. Not good, but not bad!
• Home price appreciation in Texas has not fallen below zero in the last 16 years

Texas Home Sales:
• Total sales in 2008: 231,556, down 16% from 2007
• Months of inventory (how long it would take at the current rate to sell all homes on the market) in January, 2009: 6.6 months
• Months of inventory in December, 2007: 5.6 months

Mortgage Rates:
• 30-year fixed-rate mortgages for the week ending February 27, 2009: 5.14%
• 15-year fixed-rate mortgages 4.73%

• 30-year fixed rate mortgages in August, 2008: 6.48%
• 30-year fixed-rate mortgages in October, 1981: 18.45%

• Loan amount with an $800 payment on a 30-year 5.22% loan: Can buy $146,678 house
• Loan amount with an $800 payment on a 30-year 6.48% loan: Can buy $126,832 house
• Loan amount with an $800 payment on a 30-year 18.45% loan: Can buy $51,818 house!