LUBBOCK, Texas — A July 2024 housing market report from the Lubbock Association of REALTORS website revealed Lubbock’s housing inventory was heating up while sales cooled.
According to LAR’s most recent report, it showed the number of closed sales slowed down after an uptick in June. The report compared the number of closed sales from July 2023 which showed a year-over-year (YoY) decrease.
Most expensive homes in Lubbock for sale
The data showed in June 2024, there were 470 closed sales in Lubbock, a 5.4% YoY decrease compared to 497 sales in July 2023.
Year-over-year is a financial term used to compare data for a specific period of time with the corresponding period from the previous year.
LAR confirmed in the July report, the median home price in Lubbock declined for the fourth straight month, dropping by 3.4% YoY to $230,000 from $238,000 in the same period last year.
Is Lubbock in a buyers market?
According to the report, active listings increased reaching 1,721 in July 2024 compared to 1,242 in July 2023. The report stated it was a “welcome sign” for prospective buyers as inventory numbers continue its upward trend. This means Lubbock offered a greater selection of homes available during July.