Lubbock housing market shows strength

LUBBOCK – While the national real estate market begins to show recovery signs, both the Texas and Lubbock markets continue to steadily increase at above average rates.

January numbers for both existing home sales and new residential construction indicate the local growth trend will continue well into 2013. Months inventory is 4.4 months, a 35.3 percent decrease from 6.8 months a year ago.

There are about 1,074 single-family homes available in Lubbock County, a 22.2 percent decrease from January 2012.

Overall construction activity was up by more than 55 percent in 2012, and residential construction was up by more than 30 percent.

Commercial, farm and ranch and industrial real estate and construction activity have increased, along with existing home sales and new home construction, are all signs of a strengthening local economy.

The average residential price increased 13.5 percent to $148,979 in January 2013, up from the January 2012 price of $131,241.

Read more at the Lubbock Avalanche-Journal.