Texas Realtors Q1-2024 Texas Quarterly Housing
report also showed an increase of homes on the market.
AUSTIN,
Texas, April 24, 2024 /PRNewswire/ -- The number
of Texas homes sold in the first
quarter of 2024 was nearly identical to the total in the first
quarter a year ago, according to the Texas Quarterly
Housing Report released today by Texas Realtors. The supply of
homes on the market increased, while the statewide median price of
$330,950 was 1.6% higher than in
2023.
"Market conditions vary by location, and about forty percent of
Texas metro areas actually saw an
increase in sales compared to the first quarter last year," said
Jef Conn, chairman of Texas
Realtors. "However, the number of homes listed went up nearly
across the state. This will give many buyers more options than they
had in the past several years."
Median Prices Mostly on The Rise in Q1-2024
- Median price went up in 19 metros and down in 6.
- No metro had a median price decrease of more than 2.3% compared
to a year ago.
- The biggest increase in median prices were in Odessa (11.2%), Midland (9.5%), and Texarkana (8.5%).
More Listings Went on the Market, Driving Months of Inventory
Higher
Months of inventory, a statistic that measures how long it would
take to sell the homes currently on the market at the current pace
of sales, increased from 2.7 months at the end of the first quarter
last year to 3.8 months at the end of the first quarter this year.
While a few metros had inventory numbers economists consider a
balanced market (6 to 6.5 months of inventory), most areas of
Texas still recorded inventory
levels below that number, indicating that an adequate supply of
housing continues to be a concern.
Active listings increased 33.7% at the end of the first quarter
compared to the end of the first quarter in 2023.
Homes spent two fewer days on the market statewide compared to
the same period last year. Days on market went up in 16 metros and
declined in 9.
"Realtors are working with buyers and hearing from lots of
others who are considering buying," said Conn. "During the
pandemic, buyers often were rushed, trying to compete with many
other offers. Now, most buyers have a little more time to vet
properties and make an offer. While interest rates have remained
stubborn, there are good opportunities for buyers. For sellers,
prices have held up compared to a year ago, signaling good
opportunities to sell. No matter which side of a home sale you're
on, it's smart to work with a Texas Realtor who can provide
information and guidance."
About the Texas Real Estate Year in Review Report
Data for the Texas Quarterly Housing Report is provided
by the Data Relevance Project, a partnership among local Realtor
associations and their MLSs, and Texas REALTORS®, with analysis by
the Texas Real Estate Research Center. The report provides
quarterly real estate sales data from a statewide perspective and
for 25 metropolitan statistical areas in Texas. To view the report in its entirety,
visit texasrealestate.com.
About Texas REALTORS®
With more than 150,000 members, Texas REALTORS® is a
professional membership organization that represents all aspects of
real estate in Texas. We are the
advocate for REALTORS® and private property rights in Texas.
CONTACT: David Gibbs,
david.gibbs@hahn.agency
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SOURCE Texas Realtors