2016 August Lubbock Area Housing Report

 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

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.

2016 AugustInfoGraphic