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Texas Home Sales Dipped in 2023; Median Prices Were Mixed

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Texas Realtors releases 2023 Texas Real Estate Year in Review report

Austin, TX – March 12, 2024 (PRNewswire) While Texas home sales declined nearly 11% in 2023, median prices showed only modest movement up or down in most markets, according to the 2023 Texas Real Estate Year in Review report released today by Texas Realtors.

Higher mortgage rates kept some buyers out of the market in 2023, leading to the lowest total sales (327,921) since 2016. The statewide median price of $335,100 moved down 1.4% compared to the previous year, but more metros saw median price increases than decreases.

“While higher mortgage rates kept some buyers on the sidelines last year, that has led to a lot of pent-up demand,” said Jef Conn, chairman of Texas Realtors. “Sales have picked up early this year, and this spring is shaping up to be an active market.”

Median Prices Were Mixed in 2023

  • Median price declined in 8 metro areas and increased in 17 metros.
  • All but 5 metros had less than a 5% change (higher or lower) in median price.
  • The biggest drop in median price (-10.4%) occurred in the Austin-Round Rock MSA. However, at $450,000, Austin-Round Rock remained the highest median price in Texas.
  • El Paso (7.6%) and McAllen-Edinburg-Mission (6.8%) saw the highest increases in median price.

More Inventory, More Days on Market, and Higher Price Per Square Foot
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 2.6 months at the end of 2022 to 3.4 months at the end of 2023. Months of inventory climbed in every market except Midland and Odessa, where it shrank by less than one month. Even with slight increases in housing inventory, the need for more housing in Texas remains a concern. Economists at the Texas Real Estate Research Center have said that a market balanced between supply and demand has between 6 and 6.5 months of inventory.

Homes spent more time on the market across the state except for Midland, which stayed flat. Statewide, homes remained on the market an average of 55 days, 20 days more than in 2022.

Price per square foot edged up 0.1% statewide, with increases in every market except Austin-Round Rock and San Antonio-New Braunfels. El Paso and the Rio Grande Valley had the largest increases in price per square foot.

2023 Texas Home Sales Volume vs. Median Price
2023 Texas Home Sales Volume vs. Median Price

“Despite headwinds from mortgage rates, Texas real estate sales continued at a healthy pace in 2023,” added Conn. “Market conditions vary by location—even down to the neighborhood level—so it’s always a smart move to work with a Realtor who knows your area.”

About the Texas Real Estate Year in Review Report

Data for the Texas Real Estate Year in Review 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 annual real estate sales data from a statewide perspective and for 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 advocate for REALTORS® and private property rights in Texas.

CONTACT:
Desmond Davis
desmond.davis@hahn.agency

SOURCE Texas Realtors

Texas Legislature Reaches Historic Deal on Property Tax Reform

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The deal is the largest-ever legislative effort to rein in skyrocketing property taxes and keep homeownership attainable and sustainable for Texans, Texas REALTORS®  reports.

Austin, TX – July 10, 2023 (PRNewswire) The Texas Legislature is poised to approve more than $18 billion to rein in Texas property taxes. The compromise reached between the House and Senate will include a $100,000 homestead exemption, $12 billion to buy down local school tax rates, and a pilot program to impact appraised values, targeted toward small businesses. 

“Texas REALTORS® appreciates that the compromise includes an increase in residence homestead exemptions to $100,000 as prioritized by the Lt. Governor and Senate during the 88th regular session, which will help all 5.7 million Texas homeowners. We are also pleased to see thoughtful consideration given to the House’s concerns about the property tax burden on non-homestead properties, such as rental properties and small businesses,” said Texas REALTORS® 2023 Chair Marcus Phipps.

Texans’ property taxes are among the highest in the country. Today’s landmark deal comes amid persistent affordability challenges around the state over the past several years. “We thank all the lawmakers who worked to find a solution that helps all Texans achieve – and maintain – the dream of property ownership,” Phipps said.

Additionally, by increasing the minimum threshold for franchise tax filers from $1.25 million to $2.5 million, this compromise plan will save money for 67,000 small businesses around the state.

With more than 150,000 members, Texas REALTORS® is the state’s largest professional association and the state’s leading advocate for private property rights and homeownership.

For further information contact:  
Morgan O’Hanlon  
512-970-4590  
mohanlon@texasrealtors.com 

SOURCE Texas Realtors

Texas Realtors Announces 2022 Texas Real Estate Award Winners

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Realtors and local associations honored at 2023 Winter Meeting

Austin, TX – Feb. 14, 2023 (PRNewswire) Texas Realtors honored outstanding members and local Realtors associations at this year’s annual Texas Realtors Winter Meeting on Feb. 13 in Austin. The Texas Realtors Awards recognize hard work, dedication, and excellence from real estate professionals who have made a significant impact in the industry over the past year.

“The Texas Realtors Awards celebrate the best and brightest in the real estate industry, and this year’s winners are no exception,” said Marcus Phipps, chairman of Texas Realtors. “These individuals and organizations have set a high bar for the industry, and we are honored to recognize their achievements and contributions to the growth and success of our communities.”

Sherri Strickland of Victoria was honored with the 2022 Texas Realtors Good Neighbor Award for her outstanding contributions to creating affordable, permanent housing in the Austin community. Strickland played a crucial role in establishing Promise Pointe, a transformative residential community where in just five years, she has helped construct 14 tiny homes, laundry areas, a library, and bath buildings. Strickland’s dedication to Promise Pointe is unmistakable in her efforts to secure grants, interview residents, perform bookkeeping, and lead public relations activities.

Socar Chatmon-Thomas of Austin was named Texas Realtors 2022 Educator of the Year for her exceptional work as a senior instructor. Chatmon-Thomas teaches both Graduate Realtor Institute and Texas Accredited Commercial Specialist courses, and has developed several additional courses covering commercial leasing, property management, and media training. A previous Texas Realtors Grassroots Advocate of the Year Award recipient, Chatmon-Thomas continues to share her commitment to and enthusiasm for helping real estate professionals reach new heights.

Imran Bhaidani was awarded the 2022 William C. Jennings Award for Commercial Transaction of the Year. This award celebrates a transaction that contributes to community, creativity, and application of commercial principles. Bhaidani acted as an advisor to building a financially viable development on seven acres to serve the needs of residents, creating opportunities for employment and supporting the local economy. This innovative project involved maximizing value for the buyer and minimizing risk, resulting in a mixed-use, modern concept that exemplifies the best of commercial real estate.

The Greater Texoma Association of Realtors received the 2022 Mark Lehman Governmental Affairs Achievement Award. The honor recognizes a local Realtor association that has demonstrated excellence in fundraising, grassroots involvement, and other local governmental affairs initiatives for the year.

The Texas Realtors Grassroots Advocate of the Year award was presented to Emaly Baehr of the Central Hill Country Board of Realtors. This award honors one individual from the year’s full list of Texas Realtors Strike Force Award Winners who exhibits exceptional dedication to grassroots activities and programs.

The Tom D. Morton Association Executive of the Year award was presented to Ken Hogan of the Abilene Association of Realtors. Hogan was honored as an outstanding association executive who embodies excellence in service to members. Hogan is a dedicated volunteer leader in the community and a major contributor to the Texas Realtors Leadership Program and the TREPAC program, which has steadily increased in both dollars raised and overall participation. He has been instrumental in nurturing a culture of strong leadership at his association and helped to establish a 501(c)(3) charitable foundation for his organization.

Finally, Texas Realtors recognized three local associations for their cutting-edge programs and educational offerings that kept real estate agents current with legal, marketing, and industry developments. Below are this year’s recipients of the Education Program of the Year awards:

  • Houston Association of Realtors in the legal category
  • Austin Board of Realtors in the series or short program category
  • San Antonio Board of Realtors in the marketing category
  • San Antonio Board of Realtors in the innovation category

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.

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

SOURCE Texas Realtors