Tag Archives: Texas

New Data Shows Shifts in Texas Real Estate Markets

Posted on by
Reply

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

New Report Reveals Insights on Texas Homebuyers and Sellers

Posted on by
Reply

Texas Realtors releases annual Texas Homebuyers and Sellers Report

Austin, TX – May 18, 2023 (PRNewswire) Texas Realtors has released the 2023 Texas Homebuyers and Sellers Report, providing Texans with helpful insights and analysis of the demographics, motivations and opinions of Texas homebuyers and sellers. The report focuses on real estate transactions between July 2021 and June 2022 and outlines information related to Texas real estate consumers’ income, ethnicity, age and experience with the homebuying and selling process.

According to the report, there were fewer first-time homebuyers in Texas compared to previous years, at 24% of homebuyers, down from 32% last year and 39% a decade ago.

“The insights we provide every year with the annual Texas Homebuyers and Sellers Report are extremely valuable to Texas Realtors and their clients,” said Marcus Phipps, 2023 Chairman of Texas Realtors. “The report equips Texas Realtors to best serve their clients’ needs and allows all Texans to make informed real estate decisions.”

The median household income for Texas homebuyers was $110,000, $22,000 more than the national median for homebuyers. Thirteen percent of homes purchased during the reporting period in Texas were new homes, slightly more than the national figure of 12%.

Home purchases in Texas were more prevalent in the highest age groups, with 52% of purchases made by individuals aged 55 or older. In contrast, 14% of Texas home purchases were made by individuals aged 25 to 34.

The top reason Texans who sold their homes during the observed period did so was to move closer to family and friends (23%), followed by job relocation (13%) and retirement (10%), consistent with the strong job market in the state.

Eighty-seven percent of homebuyers and sellers used a real estate agent to help buy or sell their home, with 90% of those buyers and 86% of those sellers stating that they would likely use that same agent again or recommend them to others.

“Every year, homebuying Texans tell us that their Realtor helps to make this complicated process easy and enjoyable,” said Phipps. “Sellers continue to look to Realtors to help price their homes and market them to potential buyers. In these fluctuating market conditions, we encourage homebuyers and sellers to work closely with a Texas Realtor to help them accomplish their real estate goals.”

About the Texas Homebuyers and Sellers Report

The Texas Homebuyers and Sellers Report is based on survey data from the Profile of Homebuyers and Sellers by the National Association of REALTORS®. Texas REALTORS® distributes insights about the Texas housing market each month, including quarterly market statistics, trends among homebuyers and sellers, luxury home sales, international trends, and more.

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

Texas Housing Market Moves To More Balanced State in Q1 2023

Posted on by
Reply

Texas Realtors releases 2023-Q1 edition of the Texas Quarterly Housing Report

Austin, TX – May 4, 2023 (PRNewswire) The number of active listings and the average number of days Texas homes spent on the market in the first quarter of 2023 increased from the first quarter of 2022, according to the 2023-Q1 Quarterly Housing Report released today by Texas Realtors. However, the median price of Texas homes remained nearly unchanged.

“Last quarter, we saw the Texas housing market shift towards a more balanced state between homebuyers and sellers,” said Marcus Phipps, 2023 Chairman of Texas Realtors. “The increase in active listings suggests that buyers in many areas have more options to choose from than they’ve had recently.”

Texas homes spent an average of 64 days on the market before going under contract, 27 days more than the first quarter of 2022.The median sales price of Texas homes reached $326,800 during the first quarter of 2023, an increase of 0.6% compared to the same period last year.

Chairman Phipps commented, “As the median home price showed a small increase over last year, we’re confident there is still strong demand for housing throughout the state. The increase in inventory was not enough to outpace the demand for housing in the market. While there are more available options for buyers, there is still a significant number of potential buyers throughout the state, which is why median prices are close to what they were in most markets a year ago.”

During the first quarter this year, 72,480 homes were sold in Texas, a 17% decrease compared to the first quarter of 2022. More than half of the homes sold in Texas were in the $200,000-$399,000 price range. Months of inventory—or how long it would take to sell all homes on the market at the current pace of sales—increased from 1.1 months to 2.7 months.

Chairman Phipps concluded, “The total number of home sales this quarter was down compared to the same period last year. However, with a strong Texas labor market and the continued trend of people moving to Texas, we expect the housing market to remain robust this year. As always with real estate, market conditions vary from one locality to the next, so we encourage buyers and sellers to work closely with a local Realtor to help them achieve the best results in their real estate transactions.”

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