Basic economic theory says when supply is low and demand is high, prices increase. September inventory was low in Lubbock (592 Active Listings; 1.3 MOI). Demand was still high (8.7% YoY volume increase), and prices reflected that (24.7% YoY price increase through...
We’ve seen some relief in the Months-of-Inventory category, and that supply-constraint has affected sales volume (transaction count and prices) as we’ve discussed. But I want to highlight another metric to tell that story. In “normal” times (or at least in a market...
We are starting to see just the barest edges of softening (think moving out of the blast furnace, into the mere lava). July 2021 Months-of-Inventory crawled up to 1.2 for all residential types. We remain 10.4% up YoY on closed units sales, up 27.3% in YoY total closed...
Lubbock MLS numbers for June 2021 reflected 1.1 Months of Inventory, boosted significantly by 2.2 Months of Inventory in newly constructed homes (tongue firmly in cheek on the “boosted significantly”). Both existing home sales and new home sales are far from the “6...
The second chart at this link is a both a bit dated (it’s from late April) and evergreen. I keep thinking about it. It follows a 20-year period (so don’t get too tied up in its implications on today’s inflation.) But compare the ratio of red-and-orange (houses under...
