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Corpus Christi home prices up, inventory upCorpus Christi home prices up, inventory uphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=4632015-07-07T10:48:00Z2015-07-07T07:16:00Z

CORPUS CHRISTI - Homes are taking longer to sell in the Coastal Bend, which is wrestling with its largest inventory of vacant houses in two years.

The price of the average home sold in the Corpus Christi area was $201,800 in May, about 0.45 percent below that of May 2014, according to the Real Estate Center at Texas A&M University.

Corpus Christi's home inventory was 5.1 months in May, up from roughly 4.7 months during the last 15 months. Together, they may be evidence that Corpus Christi's white-hot housing market may be showing signs of leveling or cooling off altogether.

In May, 2,036 homes were sitting on the market, the highest since December 2012.

The Real Estate Center also reported 425 homes were sold in May, which was down from 436 in April, but slightly above par when compared with most spring months.

Local realtors and home builders expect June to show strong sales, or at least those comparable to June 2014. That month, 483 homes were sold, the highest volume of single-month sales since June 2006.

Average home prices in May were higher than those of past Mays — in May 2014 homes sold for $202,700.

Housing Activity Corpus Christi
Year No. of
Sales
Avg. Price Median
Price
Month's
Inventory
2014 4,721 $197,100 $168,600 4.5
2013 4,589 $180,700 $152,200 5.3
2012 4,058 $169,900 $142,300 7.1
2011 3,396 $157,500 $135,700 9.5
2010 3,445 $152,300 $136,500 10.3


*Annual figures

Corpus Christi Caller-Times
Corpus Christi
Housing
http://www.caller.com/news/local-news/report-corpus-christi-homes-more-costly-taking-longer-to-sell_98817212Read more at {Source}

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