"Active listings in the Lubbock area climbed to 1,964 homes, representing a 32.8% increase from 1,479 properties a year ago. The surge in available homes coincided with a dramatic pullback in buyer activity, as weekly absorption plummeted 65.6% year-over-year from 192 to just 66 homes. New listings continue entering the market at a steady clip, with 99 homes added during the week ending Nov. 22."
"Properties now spend a median of 84 days on market, up from 77 days last year. The extended marketing time reflects buyer leverage in negotiations, as 36.9% of active listings have undergone price reductions while only 5.0% have increased asking prices. Despite median list prices dropping to $245,975 from $255,000 a year ago, buyer demand remains subdued. At $141.5 per square foot, Lubbock homes are priced"
Lubbock metro inventory reached 8.1 months of supply, far above Texas's 3.6-month level and nearly triple the national 2.7-month average. Active listings rose 32.8% year-over-year to 1,964 homes while weekly absorption tumbled 65.6%, from 192 to 66 homes. New listings of 99 homes per week outpace absorption, driving inventory buildup. Median days on market increased to 84 from 77, and 36.9% of active listings have had price reductions versus 5.0% with increases. Median list prices fell to $245,975 and price per square foot is $141.5, well below state and national averages. The relisting rate climbed to 15.7%.
Read at www.housingwire.com
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