November 04, 2022 — Austin
Activity in the Texas housing market slowed in the third quarter this year, according to the 2022-Q3 Texas Quarterly Housing Report released today by Texas REALTORS®. The 97,711 homes sold in Texas in the third quarter represents a 10% decline from the previous quarter and 15% from the third quarter of 2021. However, while the $345,000 median sales price dipped 3.6% lower than the second quarter this year, it is still 11.3% higher than the third quarter of 2021.
“We had two years of an unprecedented housing market,” said Russell Berry, chairman of Texas REALTORS®. “The number of homes being sold now is closer to sales numbers prior to the pandemic. While higher interest rates present a challenge for buyers, the good news is that buyers have more homes to choose from and are less likely to find themselves in a bidding war. Sellers may have to wait longer to get an offer, but home prices in many markets are still close to the all-time highs recorded earlier this year.”
Months of housing inventory—a supply-and-demand statistic that measures how long it would take to sell all homes currently for sale at the current pace of sales—increased from 2.1 months in the second quarter to 2.7 months in the third quarter. The third quarter of 2021 had only 1.6 months of inventory.
Chairman Berry concluded, “While statewide trends are interesting, buyers and sellers need to know what’s going on in their local area. Even different parts of the same neighborhood sometimes have varied market conditions. That’s why it’s critical to work with a REALTOR®—to have a professional by your side to guide you every step of the way.”