We’re sending you and other REALTOR® leaders this sneak peek in case any news media contact you about the Texas Quarterly Housing Report Texas REALTORS® is releasing tomorrow Wednesday, July 27.
If you’d like to share details from the report through your own channels, please wait until Wednesday.
A few highlights from the report:
Statewide, median home prices were up 19.1% to $357,388.
108,390 homes were sold in Texas during Q2-2022, a 5.6% decrease compared to the second quarter of 2021. Nearly half of the homes sold in Texas were in the $200,000-$399,000 price range.
Homes spent an average of 27 days on the market before going under contract, five days less than the second quarter of 2021.
Housing supply in Texas increased 0.8 months in the second quarter of 2022 to 2.1 months of inventory. This is the first time inventory has increased year-over-year since the third quarter of 2019 and the first time it has been above two months of inventory since the third quarter of 2020.
The rapidly rising interest rates, increases in home price, and tight housing inventory had a slowing effect on home sales in the second quarter of the year, but the Texas housing market is still strong.
The data could indicate signs of a transition period for the Texas real estate market. If inventory continues to steadily increase and home sales price appreciation begins to slow, we could be moving towards a pre-pandemic environment.
Right now, it’s crucial for homebuyers and sellers to equip themselves with accurate information and reliable resources. Working with a Texas REALTOR® is the optimal way to make an informed and timely decision in what is still a very active real estate market in every area of the state.
If you’d like help preparing for related media interviews, feel free to contact Hunter Dodson, public relations counsel for Texas REALTORS®, at 512-914-6745 or hdodson@piercom.com. If you need anything else, contact the Texas REALTORS® Communications and Marketing Department at 800-873-9155. Remember, too, that you can always find local market data in MarketViewer at texasrealestate.com/marketviewer. Thanks for spreading the word!
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