What's really going on with Texas real estate? March 5, 2009

Texas home sales prices
Median sales price (half of all homes sold are priced higher and half are priced lower) in January 2009: $131,200, down 5% from January 2008
Median sales price for 2008 (full year): $146,900, unchanged compared to 2007
Average sales price in January 2009: $166,400, down 8% from January 2008
Average sales price for 2008 (full year): $191,700, unchanged from 2007
Source: Real Estate Center at Texas A&M University

Sales prices in states that had rapid rises and drops in values
California median sales price in November 2008: $285,680, down 41.8% from November 2007
Arizona average sales price in December 2008: $192,908, down from $313,000 in December 2007Sources: California Association of REALTORS®, Arizona Regional MLS

Home prices appreciation
The average home sales price in Texas has increased $15,600 from December 2004 to December 2008
Home price appreciation in Texas has not fallen below zero in the last 16 years

Texas home sales
Total sales in 2008: 231,556, down 16% from 2007
Months of inventory (how long it would take at the current rate to sell all homes on the market) in January 2009: 6.6 months
Months of inventory in December 2007: 5.6 monthsSource: Real Estate Center at Texas A&M University

Mortgage rates
30-year fixed-rate mortgages for the week ending Feb. 27, 2009: 5.14%
15-year fixed-rate mortgages 4.73%Source: Mortgage Bankers Association
30-year fixed-rate mortgages in August 2008: 6.48%
30-year fixed-rate mortgages in October 1981: 18.45%Source: Freddie Mac
Loan amount with an $800 payment on a 30-year 5.22% loan: $146,678
Loan amount with an $800 payment on a 30-year 6.48% loan: $126,832
Loan amount with an $800 payment on a 30-year 18.45% loan: $51,818

Foreclosures
Texas was 24th on the list of foreclosure rates for 2008
Nevada (highest foreclosure rate on the list) had a foreclosure rate seven times higher than in Texas
Florida (2nd on the list) had a foreclosure rate four times higher than in Texas
More than 40% of all foreclosure filings in the U.S. occurred in California and Florida
The 2008 foreclosure rate in Texas was up 13.84% compared to 2007 and up 14.96% compared to 2006
Arizona’s 2008 foreclosure rate was up 203% from 2007 and up 655% from 2006Source: RealtyTrac