El Paso home sales decrease in November
EL PASO, TX – The volume of single-family residential home sales in the El Paso, Texas area decrease by 23.61% year-over-year, going from 830 to 634 transactions during the month of November 2022, according to the most recent report from the Real Estate Research Center at Texas A&M University.
According to the study, year-to-date, sales in El Paso totaled 8,689 closed listings. The dollar volume fell from $193.76 million to $170.1 million.
It also indicates that the average sales price increased by 14.93% year-over-year, going from $233,445 to $268,300, while the average price per square foot went from $124.05 to $139.63.
In addition, the report details that the median price increased by 17.85% year-over-year, from $210 thousand to $247 thousand 475, while the average price per square foot also rose from $124.56 to $139.23. Meanwhile, months of single-family home inventory increased from 1.2 to 2.3 months, and days for sale rose from 99 to 105.
It was also noted that single-family home sales volume declined 23.05% year-over-year, from 820 to 631 transactions. Year-to-date, sales totaled 8,569 closed deals.
Dollar volume for this type of housing fell from $192.18 million to $169.61 million. The median sales price increased 14.69% year-over-year, from $234,365 to $268,798, while the median price per square foot rose from $124.21 to $139.69.
The median price of single-family homes increased 18.07% year-over-year, from $210k to $247,950, while the median price per square foot also rose from $124.77 to $139.26. Monthly inventory rose from 1.2 to 2.4 months, and days on market increased from 99 to 105.
As part of the economic outlook, the Research Center noted that MSA jobs in November increased from 325,600 to 331,400, according to the latest figures released by the Texas Workforce Commission.
The above is a year-over-year increase of 1.78% over November 2021, a net increase of 5,800 new jobs. Over the past five years, the employment growth rate has increased at an average annual rate of 0.50%. In addition, the November unemployment rate declined to 4.20% from 5% in 2021.