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Texas Housing Market Stabilized in 2022 After Recovering From Pandemic Shock
Texas Realtors releases 2022 Texas Real Estate Year in Review report
Austin, TX – March 9, 2023 (PRNewswire) Following two years of pandemic-related volatility, the Texas real estate market showed signs of stabilization in 2022, according to the 2022 Texas Real Estate Year in Review report released today by Texas Realtors. Consistent growth in sales prices throughout all major MSAs, a smaller range between original list prices and sales prices, and a decline in sales reveal a steadying market trend.
Lower unemployment rates, increased per capita income, and continued population growth were contributing factors to a strong seller’s market in most areas of Texas. These robust economic conditions favored sellers as the housing supply and prices continued to increase. The number of Texas home sales cooled slightly from 2021 while the median price hit another record-breaking high.
“2022 was a year of encouraging trends and stabilization for Texas real estate,” said Marcus Phipps, chairman of Texas Realtors. “The economic conditions throughout the state resulted in another year of high demand, while the report data indicates that market dynamics have largely leveled out after the 2020 pandemic. We’re still seeing median home prices climb, but other factors such as higher mortgage rates caused a slight decrease in the number of home sales last year. We’re also seeing accepted offers come much more in line with listing prices rather than the bidding wars that had been common in many Texas markets.”
The 2022 median home price reached $340,000, up 13.3% from the previous year, while the median price per square foot of $174.17 represented an increase of 15.9% from 2021 and a 35.3% jump since 2020. Homes spent an average of 35 days on the market, 1 day more than in 2021.
James P. Gaines, Ph.D., research economist with the Texas Real Estate Research Center at Texas A&M University, commented, “The federal funds rate is likely to plateau in 2023, which will have an impact on mortgage rates as well as construction lending rates. The Texas economy is strong, but with higher construction and mortgage lending rates, we expect sales to revert to normal levels. Supply will still be limited as indicated by low months of inventory. Additionally, work-from-home arrangements seem to be locked in, minimizing one of the reasons people choose to move. We may see this factor begin to reduce the rate of housing transactions across Texas.”
The number of homes sold statewide decreased by 11.3% in 2022, with 367,472 sales, after two years of unprecedented growth. Despite the decline in sales, the total number of sales is the third highest on record and the second highest total dollar volume of sales. Housing inventory at the end of the year rose to 2.7 months, an increase of 1.5 months from the end of 2021. According to the Texas Real Estate Research Center, a market balanced between supply and demand has between 6 and 6.5 months of inventory.
Chairman Phipps added, “While we saw 30-year mortgage interest rates rise from 3.1% to 6.5% and another increase in the median house price last year, there’s still a strong demand for housing across the state. Realtors across the state will continue working with Texans who buy and sell homes to help them realize their real estate goals in 2023.”
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. Additional data comes from Freddie Mac, Moody’s Analytics, Zonda, the U.S. Census, St. Louis Federal Reserve, and Google Mobility. 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.
Media Contact:
David Gibbs
Hahn Agency
david.gibbs@hahn.agency
SOURCE Texas Realtors
Texas Realtors Announces 2022 Texas Real Estate Award Winners
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