EL PASO, TX – The volume of single-unit residential home sales in the city of El Paso, Texas decreased by 22.49% year-over-year from 676 to 524 transactions during the month of January 2023, as reported by the Real Estate Research Center at Texas A&M University.
According to the report corresponding to the first month of the year, the dollar volume for home sales dropped from 158.04 million to 132.32 million.
It also indicates that the median sales price increased by 8.01% year-over-year, going from US$233,787 to US$252,512, while the median price per square foot went from US$126.47 to US$139.42.
The median price increased by 9.53% year-over-year, rising from US$215,000 to US$235,500, while the median price per square foot also rose from US$128.52 to US$143.26. Months of single-family home inventory rose from 1.1 to 2.3 months, and days on market declined from 110 to 107.
According to the Texas A&M University Research Center, single-family home sales volume decreased by 22.57% year-over-year, from 669 to 518 transactions. Dollar volume fell from $157.05 million to $131.15 million.
The median sales price increased by 7.85% year-over-year, from US$234,761 to US$253,194, while the median price per square foot increased from US$126.56 to US$139.40; while the average price increased by 9.77% year-over-year, from US$215,000 to US$236,000, while the average price per square foot also rose from US$128.62 to US$143.26.
The monthly inventory of single-family homes increased from 1.1 to 2.3 months, and days on market fall from 110 to 108.
Texas A&M University highlighted that part of the factors were average monthly jobs increasing from 318,150 in 2021 to 326,175 in 2022, according to the latest figures released by the Texas Workforce Commission.
The above was a year-over-year increase of 2.52% compared to 2021, a net increase of 8,025 new jobs. In addition, the average monthly unemployment rate decreased to 4.56% from 6.45% in 2021.