Texas Realtors Second-Quarter Housing Report Shows More Housing Availability

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, [email protected]

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SOURCE Texas Realtors