El Paso home sales decrease during November

EL PASO – Although jobs in the city of El Paso, Texas, increased on an annualized basis by 2.72% during the month of November, residential home sales volume showed a 0.12% decrease during the same period, according to the Real Estate Research Center at Texas A&M University.

The University indicated that according to the latest figures released by the Texas Workforce Commission (TWC), jobs in November increased from 316,200 to 324,800, representing a 2.72% year-over-year increase compared to the same month but in 2020.

Likewise, during last November, there was a net increase of 8,600 new jobs. Over the past five years, the employment growth rate has increased at an average annual rate of 0.50%. In addition, November’s unemployment rate declined to 5% from the 9.30% reached in 2020.

However, despite the fact that El Paso have regained jobs, this has not been reflected in the volume of single-unit residential home sales, which showed a 0.12% year-over-year decline from 836 to 835 transactions.

Texas A&M indicated that sales so far in 2021 totaled 9,444 closed listings. Dollar volume increased from US$168.2 million to US$195.35 million. Meanwhile, the average sales price increased by 16.28% year-on-year, from US$201,197 to US$233,958. On the other hand, the average price per square foot increased from US$107.54 to US$124.19.

The median price increased by 16.05% year-over-year, to go from US$180,950 to US$210,000, while the average price per square foot also increased from US$108.11 to US$124.57.

Months’ inventory of single-family homes decreased from 1.6 to 1.2 months, and days on market declined from 110 to 98, the University reported.

Likewise, single-family home sales volume increased 0.98% year-over-year, from 816 to 824 transactions. Year-to-date, transactions totaled 9,291 closed listings.

Dollar volume increased from US$165.63 million to US$193.55 million. The average sales price increased by 15.72% year-on-year, from US$202,983 to US$234,893, while the average price per square foot went from US$107.87 to US$124.36.

On the other hand, the median price of this type of housing increased 15.07% year-over-year, from US$182,500 to US$210,000, while the average price per square foot also rose from US$108.30 to US$124.85. Months’ inventory of single-family homes fell from 1.6 to 1.2 months, and days on market declined from 110 to 100.

Source: MEXICO-NOW Staff