Texas Realtors releases Q3 2023 Quarterly Housing Report

Auston, TX – Oct. 20, 2023 (PRNewswire) Though the overall median price of homes sold in Texas in the third quarter of 2023 decreased 1.5% compared to the same period one year ago, more Texas metro areas saw median price increases than decreases, according to the 2023-Q3 Quarterly Housing Report released today by Texas Realtors. In Q3 2023, active listings, days homes spent on the market, and months of inventory all saw increases from the same period in 2022.

“We are continuing to see the housing market progress toward more balance between buyers and sellers,” said Marcus Phipps, 2023 Chairman of Texas Realtors. “An increase in the supply of homes and the average number of days homes stay on the market means that buyers in many areas may have more choices and a little more time to make decision. However, these trends vary by metro and even by neighborhood, so it’s smart to discuss market conditions in your area with your Realtor.”

The median sales price of Texas homes in Q3 2023 decreased to $340,000 from $345,000 in the same period last year. Approximately half of the homes sold in the third quarter were in the $200,000 – $399,999 price range. At the lowest and highest ends of the price distribution, 13% of homes were sold for under $200,000, while 4% sold for at least $1 million.

Texas homes spent an average of 48 days on the market in Q3 2023, 17 days longer than in the same quarter last year. Taking the number of days to close into consideration, on average it took 11 days longer to sell a property in Q3 2023 than in the same quarter last year.

Months of inventory, or how long it would take to sell the existing number of homes on the market at the current pace of sales, stood at 3.7 months in the third quarter of 2023, which was an increase from 2.7 months in the same period last year. A balanced market is estimated at 6 to 6.5 months of inventory, according to the Texas Real Estate Research Center.

Active listings increased 15.2% in the third quarter of 2023 compared to the same period in 2022.

“The real estate market can change in subtle or significant ways over short periods of time,” said Chairman Phipps. “It’s our job as Realtors to help Texans understand and navigate those changes. We are here to simplify the process and to support buyers and sellers every step of the way to achieve their homeownership goals.”

About the Texas Quarterly Housing 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 at Texas A&M University. The report provides quarterly real estate sales data for Texas and 25 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 advocates for REALTORS^® and private property rights in Texas. Visit texasrealestate.com to learn more.

Contact: David Gibbs, Hahn Agency, david.gibbs@hahn.agency

SOURCE Texas Realtors

Texas Realtors releases Q2 Texas Quarterly Housing Report

Austin, TX – Texas, July 19, 2023 (PRNewswire) The median price of homes sold in Texas in the second quarter decreased 3.1% compared to one year ago, according to the 2023-Q2 Quarterly Housing report released today by Texas Realtors. During the same time frame, the number of closed sales also decreased, while the number of homes available for sale increased.

“There’s a saying that all real estate is local, and the second quarter this year showed how true that is,” said Marcus Phipps, 2023 Chairman of the Texas Realtors. “While the statewide median price eased down, median prices are actually up in about half of Texas markets. Despite that variation, the average number of days that homes spent on the market was up in every metro area, and the number of homes available increased in nearly every metro as well.”

The median sales price of Texas homes for Q2 2023 decreased to $345,000 from $357,388 in the same period last year. Texas homes spent an average of 87 days on the market before closing in the second quarter, which is 20 days longer than a year ago.

The price distribution of properties sold in the second quarter shows a slight decrease in high-end homes as a percentage of total sales. Homes that sold for at least $750,000 made up nearly 10% of homes sold in the second quarter last year, while that price range accounted for 8.7% of sales in Q2 this year. Half of properties sold in the second quarter this year were in the $200,000 to $399,999 price range, up from 45.8% of all sales a year ago.

Months of inventory—or how long it would take to sell all homes on the market at the current pace of sales—increased from 2 to 3.2 months from the same period last year. While the increased inventory is a welcome trend for buyers, it still indicates a tight supply of homes. Researchers at the Texas Real Estate Research Center say that a market balanced between supply and demand is in the range of 6 to 6.5 months of inventory.

“General trends provide an indication of the overall market, but buyers and sellers will want to work with a Realtor who really knows the specific area,” said Chairman Phipps. “Not only can small changes in location make a difference, but each property is different. A Realtor has the knowledge to help buyers and sellers sort through all the variables to achieve the best results.”

About the Texas Quarterly Housing 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 at Texas A&M University. The report provides quarterly real estate sales data for Texas and 25 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 advocates for REALTORS^® and private property rights in Texas. Visit texasrealestate.com to learn more.

CONTACT: David Gibbs, Hahn Agency, david.gibbs@hahn.agency

SOURCE Texas Realtors