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 MoI” benchmark for a balanced market. As you would expect YoY YTD median price has increased 16.8%, with the average price per square foot hovering around $120.
Our Mover’s Moving Index is pegged high at 264 transactions for the month, with a meaningful number seemingly new deliveries of newly constructed homes.