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Texas housing market cools in third quarterTexas housing market cools in third quarterhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=283192022-11-07T06:00:00Z2022-11-08T21:00:00Z

​​​AUSTIN – Housing activity slowed across Texas last quarter, according to the Texas Quarterly Housing Report ​released by Texas Realtors. 

In the third quarter, 97,711 homes sold across Texas, down 10 percent from 2Q2022 and 14.8 percent from 3Q2021. Active listings were up 61.4 percent over the year to 90,​198.

While the $345,000 median sales price was 3.6 percent lower than it was in the second quarter, it is still 11.3 percent higher than 3Q2021. 

"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 increased from 2.1 months in 2Q2022 to 2.7 months in 3Q2022. This is a marked improvement from 3Q2021, which only had 1.6 months of inventory. The Texas Real Estate Research Center considers six to 6.5 months of inventory a balanced market.

The typical home was on the market for 70 days, four more than 3Q2021. Homes were on the market for 31 days and took 39 days to close. 

Texas logoThe Texas Real Estate Research Center has a wealth of economic information online for free.

​Source: Texas Realtors
Texas REALTORS
Texas
Housing
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