Home sales in El Paso increase compared to rest of state
El Paso home sales are on the rise, according to the Texas Quarterly Housing Report.
Home sales increased 6.7% to 2,064 single family home sales, while the median price increased 4.5% to $151,450 while statewide, sales volume decreased 0.3% to 91,401 home sales. The median price increased 5.6% to $225,000 from last year, becoming the first time home sales have declined on a quarterly basis since the second quarter of 2012.
“As anticipated, the aftermath of Hurricane Harvey has had a significant impact on our state’s housing market this fall, as many Texans were forced to postpone their goals of buying or selling a home in order to deal with devastation in their homes and communities,” said Vicki Fullerton, chairman of the Texas Association of Realtors. “Declines in local market home sales across the state in the third quarter were largely concentrated in regions impacted by Harvey, including the Houston area and local markets along the Texas coast.”
According to the chief economist with the Real Estate Center at Texas A&M University, home sales volume is highest in the second and third quarter. “However, shortages in housing stock fueled by population growth and increasing labor and lot shortages continue to put constraints on the Texas housing market.”
“I think with the push to move more and more jobs here, I think we will do better in the future,” Steve Carvalho, owner of Remax Real Estate Experts said.
According to the latest data reference project by the Texas Association of Realtors, several El Paso areas saw the biggest number of home sales including those in the 79938, 79911, 79912, 79928 zip codes. Carvalho says East El Paso’s 79938 neighborhood saw the biggest number of sales for both resale and newly-constructed homes combined.
This year-to-date there have been 2,180 resale homes for sale, compared to more than 1,500 plus newly-constructed homes that are either built, being built, or currently under construction.
Carvalho says there’s a big push for newly-constructed homes, because that’s what buyers want. A big reason why he says El Paso is saw an increase in sales.
“I think builders are building new construction because they realize most buyers are going to navigate towards the new construction.”
The report also found El Paso homes spent an average of 92 days on the market and 32 days to close, a total of 124 days–18 days less than last year. Carvalho says it isn’t unusual to see homes on the market for while here, especially homes that are overpriced.
