Residential home sales decrease in El Paso
EL PASO, TX – The volume of single-unit residential home sales in the city of El Paso, Texas decreased 8.54% year-over-year from 878 to 803 transactions during the month of September, according to the most recent report issued by the Real Estate Research Center at Texas A&M University.
Year-to-date, sales totaled 7,362 closed listings. The dollar volume increased from US$195.82 million to US$212.45 million.
According to the report, the median sales price increased 18.62% year-over-year, from $223,035 to $264,565, while the average price per square foot increased from $121.77 to $140.40.
Likewise, the median price increased 22.31% year-over-year, from $201,950 to $247,000, while the median price per square foot also rose from $121.69 to $141.56. Months’ inventory for single-family homes increased from 1.3 to 2 months’ supply, and days to sell increased from 95 to 109.
In addition, the report details that single-family home sales volume decreased 9.55% year-over-year, from 869 to 786 transactions.
From January through September 2022, single-family home sales totaled 7,259 closed listings. Dollar volume increased from 194.62 million to 209.26 million.
The median sales price on the latter type of home increased 18.88% year-over-year, from $223,960 to $266,239, while the median price per square foot increased from $121.89 to $140.64.
Meanwhile, the median price increased 23.74% year-over-year, from $202,000 to $249,950, while the median price per square foot also increased from $121.87 to $141.70. Months inventory for single-family homes increased from 1.3 to 2 months, and days on market increased from 97 to 110.
Just in August, the Federal Reserve Bank in Dallas (Dallas Fed) reported that as inflation persisted and mortgage interest rates rose, housing construction slowed in El Paso.
New single-family building permits totaled 186 units in August (seasonally adjusted), down 11.3% from a year ago. The monthly number of new permits is down 24.5% year-to-date in El Paso and 29.8% in Texas.