Number of Texas home sales decreased while prices kept rising in the second quarter of 2022

“Though house gross sales barely declined, the demand for purchasing a Texas house was nonetheless spectacular with greater than 100,000 houses bought in the course of the second quarter of 2022,” mentioned Russell Berry, chairman of Texas Realtors. “Housing stock ranges are lastly on the rise in lots of areas of the state — one thing we have not seen for a number of years — however house costs proceed to rise.”

Throughout the second quarter this yr, the statewide median worth of $357,388 represents a 19.1% enhance in comparison with the identical quarter final yr. Almost half of the 108,390 houses bought within the state have been within the $200,000–$399,000 worth vary.

Jim Gaines, Ph.D., analysis economist with the Texas Actual Property Analysis Middle at Texas A&M College, commented, “The quickly rising rates of interest, will increase in house worth, and tight housing stock had a slowing impact on house gross sales within the second quarter of the yr, however the Texas housing market continues to be sturdy. The info might point out indicators of a transition interval for the Texas actual property market. If stock continues to steadily enhance and residential gross sales worth appreciation begins to sluggish, we could possibly be shifting in the direction of a pre-pandemic surroundings.”

Housing provide in Texas elevated 0.8 months within the second quarter of 2022 to 2.1 months of stock. That is the primary time stock has elevated year-over-year for the reason that third quarter of 2019 and the primary time it has been above two months of stock for the reason that third quarter of 2020. Properties spent a mean of 27 days available on the market earlier than going underneath contract, 5 days lower than the second quarter of 2021.

Chairman Berry concluded, “Proper now, it is essential for homebuyers and sellers to equip themselves with correct info and dependable assets. Working with a Texas Realtor is the optimum method to make an knowledgeable and well timed determination in what continues to be a really energetic actual property market in each space of the state.”

In regards to the Texas Quarterly Housing Report

Knowledge for the Texas Quarterly Housing Report is offered by the Knowledge Relevance Venture, a partnership amongst native REALTOR® associations and their MLSs, and Texas REALTORS®, with evaluation by the Texas Actual Property Analysis Middle at Texas A&M College. The report offers quarterly actual property gross sales information for Texas and 25 metropolitan statistical areas in Texas. To view the report in its entirety, go to texasrealestate.com

About Texas REALTORS®

With greater than 150,000 members, Texas REALTORS® is knowledgeable membership group that represents all features of actual property in Texas. We’re the advocates for REALTORS® and personal property rights in Texas. Go to texasrealestate.com to be taught extra.

Contact:

Hunter Dodson
[email protected]

SOURCE Texas Realtors