This document is a technical report from the Real Estate Center at Texas A&M University that provides data and analysis on the Texas housing market in December 2016. It finds that while the Texas economy expanded in December, indicators suggest a slowdown in residential construction. Housing supply remained constrained due to limited lot inventory and construction labor shortages. Housing demand weathered rising mortgage rates in December, though sales returned to more modest levels after a strong November. Home prices continued to appreciate across Texas metros as demand overtook modest supply increases.

1. TEXAS HOUSING INSIGHT
LUIS B. TORRES
RESEARCH ECONOMIST
JAMES P. GAINES
CHIEF ECONOMIST WAYNE DAY
RESEARCH ASSOCIATE
WESLEY MILLER
RESEARCH ASSISTANT TR
T E C H N I C A L R E P O R T
F E B R U A R Y 2 017
2 1 2 0

2. Contents
About this Report .............................................................................................................. 3
December 2016 Summary ................................................................................................. 4
Supply .............................................................................................................................. 6
Residential Construction Coincident and Leading Indicator ............................................................ 7
Single-Family Housing Construction Permits ................................................................................... 7
Major Metros Single-Family Housing Construction Permits ............................................................ 8
Border Metros Single-Family Housing Construction Permits ........................................................... 8
Housing Starts .................................................................................................................................. 9
Total New Private Single-Family Construction Value ....................................................................... 9
Vacant Developed Lots ................................................................................................................... 10
Months of Inventory ...................................................................................................................... 10
Major Metros Months of Inventory ............................................................................................... 11
Border Metros Months of Inventory .............................................................................................. 11
Demand .......................................................................................................................... 12
Housing Sales ................................................................................................................................. 12
Major Metros Housing Sales .......................................................................................................... 12
Border Metros Housing Sales ......................................................................................................... 13
30-Year Mortgage Rate and 10-Year Bond Yield ............................................................................ 13
Texas Homes Days on Market ........................................................................................................ 14
Major Metros Existing Homes Days on Market .............................................................................. 14
Border Metros Existing Homes Days on Market ............................................................................ 15
Major Metros New Homes Days on Market ................................................................................... 15
Border Metros New Homes Days on Market ................................................................................. 16
Prices ............................................................................................................................. 16
United States Existing and New Home Average Sales Price ........................................................... 16
Texas Existing and New Home Average Sales Price ........................................................................ 17
Major Metros Existing Home Average Sales Price ......................................................................... 17
Border Metros Existing Home Average Sales Price ........................................................................ 18
Major Metros New Home Average Sales Price .............................................................................. 18
Border Metros New Home Average Sales Price ............................................................................. 19

3. 2
United States Existing and New Home Median Sales Price ............................................................ 19
Texas Existing and New Home Median Sales Price ........................................................................ 20
Major Metros Existing Home Median Sales Price .......................................................................... 20
Border Metros Existing Home Median Sales Price ......................................................................... 21
Major Metros New Home Median Sales Price ............................................................................... 21
Border Metros New Home Median Sales Price .............................................................................. 22
Texas Home Average Price Per Square Foot .................................................................................. 22
Major Metros Existing Home Average Price Per Square Foot ........................................................ 23
Border Metros Existing Home Average Price Per Square Foot ....................................................... 23
Major Metros New Home Average Price Per Square Foot ............................................................. 24
Border Metros New Home Average Price Per Square Foot ........................................................... 24
Texas Home Median Price Per Square Foot ................................................................................... 25
Major Metros Existing Home Median Price Per Square Foot ......................................................... 25
Border Metros Existing Home Median Price Per Square Foot ....................................................... 26
Major Metros New Home Median Price Per Square Foot .............................................................. 26
Border Metros New Home Median Price Per Square Foot ............................................................ 27
Texas Home Sale Price to List Price Ratio ....................................................................................... 27
Major Metros Existing Home Sale Price to List Price Ratio ............................................................ 28
Major Metros New Home Sale Price to List Price Ratio ................................................................. 28

4. 3
About this Report
Real Estate Center economists continuously monitor many facets of the global, national, and Texas
economies. Texas Housing Insight is a summary of important economic indicators that help discern
trends in the Texas housing markets.
This monthly publication provides data and insights on the Texas housing markets. We hope you
find them useful. Your feedback is always appreciated. Send comments and suggestions to
info@recenter.tamu.edu.
Dr. James Gaines, Dr. Luis Torres, Wayne Day, and Wesley Miller
Data current as of January 30, 2017
© 2017, Real Estate Center. All rights reserved.

5. 4
December 2016 Summary
The Texas economy expanded in December as energy and housing markets advanced, and the
outlook on overall economic conditions in Texas increased from November. Total nonfarm
employment expanded 1.8 percent year-over-year, compared to 1.4 percent growth nationally.
Employment growth was spurred by the service-providing sector where educational and health,
leisure and hospitality, and government service jobs realized most of the gains. Demand for
housing weathered rising mortgage rates. Housing prices further appreciated as strong demand
overtook modest supply increases. Months of inventory and days on the market remained
relatively low. Total building permits increased over the month and year. Nevertheless, the
coincident and leading indexes suggest a slowdown in residential construction. With interest rates
expected to rise in 2017, sales in the short-term may pull back, but home prices are expected to
keep increasing.
Supply
The Texas Residential Construction Leading Index (RCLI), which signals future directional changes
in the residential construction business cycle of single- and multifamily housing, declined in
December. The RCLI was negatively affected by a monthly decline in housing starts. The Texas
Residential Business Cycle (Coincident) Index, the measure of current construction activity, also
declined as inflation-adjusted residential construction values continued a slide begun in May 2016.
The RCLI indicates slower growth in future residential construction while the coincident index
registered a slowdown in current activity already underway. Housing starts decreased 13.2 percent
seasonally adjusted year-over-year in December continuing a negative trend that started in late-
summer 2016.
Housing starts are positively related with construction permits and lag their movements by some
months. Single-family housing construction permits statewide increased during December both on
an annual and monthly basis. Austin continued to grow at an accelerated rate after reaching a
trough in mid-2015. Dallas maintained an upward trend and grew 10.5 percent seasonally adjusted
year-over-year. Fort Worth and San Antonio ended 2016 with a consistent climb in housing
construction permits that occurred throughout the year. Houston continued its slow recovery,
closing the year with slightly fewer housing construction permits relative to 2015. Despite slow
growth, Houston still led the nation in the number of single-family permits issued monthly at
2,568; Dallas-Fort Worth (2,327) and Austin (1,144) ranked second and sixth nationally. In the
fourth quarter, the supply of vacant developed lots increased in Dallas, Houston, and San Antonio
for homes with a sales price over $200,000. The overall supply of lots continued to lag behind the
demand for new housing.
Months of Inventory of Texas houses for sale settled at 3.6 months (seasonally adjusted),
indicating continued strong housing demand and tight supply. The nation rested at 4.3 months,
suggesting constrained supply may persist nationally (around 6.5 months of inventory is considered

6. 5
a balanced housing market). Overall, supply has been restricted due to limited lot inventory and
construction labor shortages.
Demand
In December, total housing sales in Texas returned to more muted levels after a strong November.
Sales grew just 0.6 percent year-over-year (seasonally adjusted). Nationally, total housing sales
contracted marginally at 0.1 percent year-over-year. The major metros in Texas trended back to
modest sales levels. Year-over-year growth rates were 3.9 percent for Austin, negative 4.7 percent
for Dallas, negative 1.4 percent for Fort Worth, 3 percent for Houston, and 8.4 percent for San
Antonio. In November, homebuyers may have expedited purchases prior to interest rate increases;
therefore, sales normally occurring in December could have been pulled into the prior month.
Employment and income growth, as well as consumer confidence, contributed to increased Texas
housing sales. Consumer confidence favored the economy’s sustained post-election surge and tax
relief expectations.
Interest rates rose in December as inflation and inflation expectations increased due to possible
future federal government policy changes. The Federal Home Loan Mortgage Corporation
increased 43 basis points to a 4.20 percent average rate on a 30-year fixed-rate mortgage, reaching
a peak not seen since April 2014. The ten-year U.S. Treasury bond yield also moved to its highest
point since 2014, rising from 2.14 in November to 2.49 percent in December.
The number of days that existing and new homes were on the market during December remained
low at 53 and 92 days (seasonally adjusted), respectively, reflecting constrained supply and
continued strong demand. This stability was reflected in the existing home markets for the Texas
Triangle metros, while the new home markets exhibited slightly more volatility. The number of
days on the market for new homes increased year-over-year by 15.8 percent in Fort Worth (85) and
3.1 percent in Houston (99), and decreased by 7.3 percent in San Antonio (83). The markets in
Austin (105) and Dallas (79) were relatively constant in year-over-year calculations.
Prices
Overall, sales prices have risen steadily in Texas since late 2011. Existing home prices increased
through December in the state and major metros. The average and median sales price of an
existing home in Fort Worth increased by 10 percent and 13 percent seasonally adjusted year-over-
year, respectively. The average sales price in Austin, Dallas, and Houston grew more than 5 percent
over the same period. San Antonio lagged with year-over-year growth settling just above 0.5
percent. Similarly, new home sales performed better in Austin, Dallas, and Fort Worth than San
Antonio and Houston. Average sales prices on new homes in Fort Worth surged 21 percent year-
over-year, while Dallas’ gains were more modest at 8 percent. Austin was the house price
appreciation leader through December 2016 with existing home prices remaining well above the
other major metros. Austin clearly leads the major metros in terms of price per square foot for
both new and existing homes. The average new and existing homes in Austin are $50 and $30 more
per square foot, respectively, than houses in other major Texas metros. Nonenergy employment

7. 6
growth and a strong services sector caused Dallas-Fort Worth to register strong price appreciation
in December. Existing home prices in Houston continued to recover following the energy sector
decline while new home prices are still lagging.
The difference between the initial listing price to the actual sales price for new homes fell at the
start of 2014 and flattened out as the demand for new homes eased. The gap between new and
existing home sales-to-price ratio has converged at 0.96.
Since 2011, new home prices have exceeded existing home prices by 47 percent and 37 percent
based on median and average sales prices, respectively. This price differential results primarily
because of increases in home size for newer homes and the significant increases in construction
and land costs for new homes. The average price per square foot for a new home in Texas was
approximately 19 percent more than for an existing home.

8. 7
Supply
Note: Seasonally adjusted and detrended.
Sources: Real Estate Center at Texas A&M University and Federal Reserve Bank of Dallas
Note: Seasonally adjusted and detrended.
Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University
40
50
60
70
80
90
100
110 Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Texas Coincident Index
United States Coincident Index
Texas Leading Index
20
30
40
50
60
70
80
90
100
110
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
United States Texas
Single-Family Housing Construction Permits
(Index Jan 2007 = 100)
Residential Construction Coincident and Leading Indicator
(Index Jan 2007 = 100)

9. 8
Note: Seasonally adjusted and detrended. Fort Worth is missing data for Somervell County.
Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended.
Sources: U.S. Census Bureau and Real Estate Center at Texas A&M University
20
30
40
50
60
70
80
90
100
110
120
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
30
40
50
60
70
80
90
100
110
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Brownsville-Harlingen
El Paso
Laredo
McAllen-Edinburg-Mission
Major Metros Single-Family Housing Construction Permits
(Index Jan 2007 = 100)
Border Metros Single-Family Housing Construction Permits
(Index Jan 2007 = 100)

10. 9
Note: Seasonally adjusted and detrended.
Sources: U.S. Census Bureau and Bank of Tokyo-Mitsubishi UFJ
Note: Inflation adjusted. Seasonally adjusted and detrended.
Source: Dodge Analytics
30
40
50
60
70
80
90
100
110
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
United States Texas
30
40
50
60
70
80
90
100
110
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Texas
Austin-Round Rock
Dallas-Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Housing Starts
(Index Jan 2007 = 100)
Total New Private Single-Family Construction Value
(Index Jan 2007 = 100)

11. 10
Source: Metrostudy
Note: Seasonally adjusted and detrended. Months of inventory for the United States is estimated using weights for all existing
homes and new single-family homes; new non-single-family homes are not included. Texas includes all existing and new homes.
Sources: U.S. Census Bureau, National Association of Realtors, and Real Estate Center at Texas A&M University
50
75
100
125
150
175
200
225
250
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q14
3Q14
1Q15
3Q15
1Q16
3Q16
Austin Dallas
Houston San Antonio
3
4
5
6
7
8
9
10
11
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
United States Texas
Months of Inventory
(Months)
Vacant Developed Lots
(Index 1Q2003=100)

12. 11
Note: Seasonally adjusted and detrended.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended.
Source: Real Estate Center at Texas A&M University
1
2
3
4
5
6
7
8
9
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
16.0
17.0
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Brownsville-Harlingen
El Paso
Laredo
McAllen-Edinburg-Mission
Major Metros Months of Inventory
(Months)
Border Metros Months of Inventory
(Months)

13. 12
Demand
Note: Seasonally adjusted and detrended. Sales for the United States include all existing homes and new single-family homes;
new non-single-family homes are not included. Texas includes all existing and new homes.
Sources: U.S. Census Bureau, National Association of Realtors, and Real Estate Center at Texas A&M University
Note: Seasonally adjusted sales reported by MLS and detrended.
Source: Real Estate Center at Texas A&M University
55
60
65
70
75
80
85
90
95
100
105
110
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
United States Texas
55
60
65
70
75
80
85
90
95
100
105
110
115
120
125
130
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros Housing Sales
(Index Jan 2007 = 100)
Housing Sales
(Index Jan 2007 = 100)

14. 13
Note: Seasonally adjusted sales reported by MLS and detrended.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted.
Sources: Federal Home Loan Mortgage Corporation and Federal Reserve Board
60
70
80
90
100
110
120
130
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Brownsville-Harlingen
El Paso
Laredo
McAllen-Edinburg-Mission
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Mortgage Bond
Border Metros Housing Sales
(Index Jan 2007 = 100)
30-Year Mortgage Rate and 10-Year Bond Yield
(Percent)

15. 14
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
50
60
70
80
90
100
110
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Existing Home Days on Market
New Home Days on Market
25
35
45
55
65
75
85
95
105
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros Existing Homes Days on Market
(Days)
Texas Homes Days on Market
(Days)

16. 15
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
50
60
70
80
90
100
110
120
130
140
150
160
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Brownsville-Harlingen El Paso
Laredo McAllen-Edinburg-Mission
70
80
90
100
110
120
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock Dallas-Plano-Irving
Fort Worth-Arlington Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Border Metros Existing Homes Days on Market
(Days)
Major Metros New Homes Days on Market
(Days)

17. 16
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Prices
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Federal Reserve Bank of St. Louis
20
40
60
80
100
120
140
160
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Brownsville-Harlingen El Paso
Laredo McAllen-Edinburg-Mission
200,000
220,000
240,000
260,000
280,000
300,000
320,000
340,000
360,000
380,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Existing Home Average Sales Price
New Home Average Sales Price
Border Metros New Homes Days on Market
(Days)
United States Existing and New Home Average Sales Price
($)

18. 17
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
170,000
190,000
210,000
230,000
250,000
270,000
290,000
310,000
330,000
350,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Existing Home Average Sales Price
New Home Average Sales Price
150,000
175,000
200,000
225,000
250,000
275,000
300,000
325,000
350,000
375,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Texas Existing and New Home Average Sales Price
($)
Major Metros Existing Home Average Sales Price
($)

19. 18
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
110,000
120,000
130,000
140,000
150,000
160,000
170,000
180,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Brownsville-Harlingen
El Paso
Laredo
McAllen-Edinburg-Mission
200,000
220,000
240,000
260,000
280,000
300,000
320,000
340,000
360,000
380,000
400,000
420,000
440,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Border Metros Existing Home Average Sales Price
($)
Major Metros New Home Average Sales Price
($)

20. 19
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Federal Reserve Bank of St. Louis
130,000
140,000
150,000
160,000
170,000
180,000
190,000
200,000
210,000
220,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Brownsville-Harlingen
El Paso
Laredo
McAllen-Edinburg-Mission
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
320,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Existing Home Median Sales Price
New Home Median Sales Price
Border Metros New Home Average Sales Price
($)
United States Existing and New Home Median Sales Price
($)

21. 20
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
130,000
150,000
170,000
190,000
210,000
230,000
250,000
270,000
290,000
310,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Existing Home Median Sales Price
New Home Median Sales Price
120,000
140,000
160,000
180,000
200,000
220,000
240,000
260,000
280,000
300,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock Dallas-Plano-Irving
Fort Worth-Arlington Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros Existing Home Median Sales Price
($)
Texas Existing and New Home Median Sales Price
($)

22. 21
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
80,000
90,000
100,000
110,000
120,000
130,000
140,000
150,000
160,000
170,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Brownsville-Harlingen
El Paso
Laredo
McAllen-Edinburg-Mission
170,000
210,000
250,000
290,000
330,000
370,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Border Metros Existing Home Median Sales Price
($)
Major Metros New Home Median Sales Price
($)

23. 22
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
110,000
120,000
130,000
140,000
150,000
160,000
170,000
180,000
190,000
200,000
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Brownsville-Harlingen El Paso
Laredo McAllen-Edinburg-Mission
75
80
85
90
95
100
105
110
115
120
125
130
135
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Existing Home Average Price PSF
New Home Average Price PSF
Border Metros New Home Median Sales Price
($)
Texas Home Average Price Per Square Foot
($)

24. 23
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
60
70
80
90
100
110
120
130
140
150
160
170
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
55
60
65
70
75
80
85
90
95
100
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Brownsville-Harlingen
El Paso
Laredo
McAllen-Edinburg-Mission
Major Metros Existing Home Average Price Per Square Foot
($)
Border Metros Existing Home Average Price Per Square Foot
($)

25. 24
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
80
90
100
110
120
130
140
150
160
170
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock Dallas-Plano-Irving
Fort Worth-Arlington Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
75
80
85
90
95
100
105
110
115
120
125
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Brownsville-Harlingen
El Paso
Laredo
McAllen-Edinburg-Mission
Major Metros New Home Average Price Per Square Foot
($)
Border Metros New Home Average Price Per Square Foot
($)

26. 25
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
70
75
80
85
90
95
100
105
110
115
120
125
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Existing Home Median Price PSF
New Home Median Price PSF
60
70
80
90
100
110
120
130
140
150
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros Existing Home Median Price Per Square Foot
($)
Texas Home Median Price Per Square Foot
($)

27. 26
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
55
60
65
70
75
80
85
90
95
100
105
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Brownsville-Harlingen El Paso
Laredo McAllen-Edinburg-Mission
75
85
95
105
115
125
135
145
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Border Metros Existing Home Median Price Per Square Foot
($)
Major Metros New Home Median Price Per Square Foot
($)

28. 27
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
70
75
80
85
90
95
100
105
110
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Brownsville-Harlingen
El Paso
Laredo
McAllen-Edinburg-Mission
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Existing Home Sale-to-List Price Ratio
New Home Sale-to-List Price Ratio
Texas Home Sale Price to List Price Ratio
(%)
Border Metros New Home Median Price Per Square Foot
($)

29. 28
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
Note: Seasonally adjusted and detrended. For single-family homes.
Source: Real Estate Center at Texas A&M University
0.90
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
0.91
0.92
0.93
0.94
0.95
0.96
0.97
0.98
0.99
1.00
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16Austin-Round Rock
Dallas-Plano-Irving
Fort Worth-Arlington
Houston-The Woodlands-Sugar Land
San Antonio-New Braunfels
Major Metros Existing Home Sale Price to List Price Ratio
(%)
Major Metros New Home Sale Price to List Price Ratio
(%)

30. i
ADVISORY COMMITTEE
MAYS BUSINESS SCHOOL
Texas A&M University
2115 TAMU
College Station, TX 77843-2115
http://recenter.tamu.edu
979-845-2031
DIRECTOR
GARY W. MALER
MARIO A. ARRIAGA
Conroe
ALVIN COLLINS
Andrews
JACQUELYN K. HAWKINS
Austin
BESA MARTIN
Boerne
RUSSELL CAIN, CHAIRMAN
Port Lavaca
DOUG JENNINGS, VICE CHAIRMAN
Fort Worth
TED NELSON
Houston
DOUG ROBERTS
Austin
C. CLARK WELDER
San Antonio
BILL JONES, EX-OFFICIO
Temple