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October 2021 Market Report

We are sitting on 1.2 Months of Inventory for October 2021. That is derived from a faster pace of closings (467 vs 450) and fewer homes in the market (665 vs. 778) when compared to October 2020. Average days on the market fell to 58 days (from 74 in 10/2020). Median Sol...

September 2021 Market Report

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% Y...

August 2021 Market Report

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 mar...

July 2021 Market Report

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 v...

June 2021 Market Report

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 “...

May 2021 Market Report

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 und...

April 2021 Market Report

The latest NAR headline is Virtually Every Metro Area Experienced Home Prices Rise in First Quarter of 2021. The story is a mighty reflection on supply and demand. Almost every metro area tracked showed a YoY price increase, most with double-digit increases.

March 2021 Market Report

Rather than more statistics, here’s an anecdote that hits the same themes we’ve discussed recently. I’m sitting in the bleachers at a little league game. The younger couple next to me is discussing their own efforts, and the efforts of their parents, to find house...

February 2021 Market Report

Odd times show up in odd ways. We are currently in a moment where podcasts are doing stories about people strapping on sandwi...

January 2021 Market Report

On several fronts, the housing market has been unusual through 2020. We’ve discussed Months-of-Inventory, which remain very low, and building permits. We’ve discussed the effect of historically low interest rates for home mortgages. Look at the daily legal filings a...

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