According to the report, Texas homebuyers have 41% more homes to choose
from than this time last year
AUSTIN,
Texas, July 19, 2024 /PRNewswire/ -- Active
listings of Texas homes for sale
reached 125,398 in the second quarter this year, up nearly 41%
compared to the same time a year ago, according to the Texas
Quarterly Housing Report released today by Texas Realtors.
Meanwhile, the statewide median price of $345,000 was 0.6% higher than in Q2 2023. The
number of homes sold went down 3% to 93,417.
"Interest rates are a big part of the story," said Jef Conn, chairman of Texas Realtors. "With
today's higher rates, some buyers are sitting on the sidelines and
hoping rates or home prices come down."
Conn also noted that, even in markets with an increased supply
of homes for sale, some sellers are holding out for the higher
prices they saw during the pandemic. "Homeowners who want to sell
quickly will want to make sure their home is in good condition and
priced competitively," he said.
Median Prices Increased Moderately in Most Texas
Markets
- Median price went up in 22 metros and down in four.
- The biggest increases in median prices were in Odessa (11.7%), Abilene (11.2%), San
Angelo (8.4%), and Midland (6%).
- The four metros with median price decreases experienced
moderate declines: Austin-Round Rock-San
Marcos (-3.2%), Lubbock
(-4.1%), San Antonio (-1.3%),
and Texarkana (-2.5%).
More Listings Pushed 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 3.1 months at the end of the second
quarter last year to 4.6 months in Q2 this year. That marks the
highest months-of-inventory number in at least eight years.
Odessa was the only market where
months of inventory declined and the only Texas area to register a decrease in listings
compared to a year ago.
Statewide, homes spent the same number of days on the market
compared to the second quarter last year. However, days on market
increased in 20 metro areas and decreased in six.
"While it's important to consider current market conditions,
even the best economists don't have a crystal ball for future
mortgage rates and home prices," Conn said. "So, while it may be
tempting to wait for rates to fall or prices to rise or drop to
some level, the most important factor for buyers and sellers is
their own situation. When you're clear about your real estate goal,
a Realtor can help guide you through the important decisions to get
you there."
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 26 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.
Media Contact: Desmond Davis,
desmond.davis@hahn.agency
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SOURCE Texas Realtors