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 09/2021.)

So where do prices go over the next twelve months? Well, the factors above don’t seem to be changing rapidly. Consider mortgage rates, then. They are up from historic lows, but based on the correlation to the 10-year treasury, are unlikely to spike dramatically. One of my favorite blogs has an overview of projections coming for the next year+. Do read it, but I’ll give you a hint – most experts see continued price increases, but differ on the speed and extent of those increases.

Locally, our Mover’s Moving Index showed a healthy 221 showing for September.