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Texas' Housing Market Tumbles
Home sales in Texas fell to the lowest level in seven years in 2023, as persistently high mortgage rates kept buyers out of the market even as prices dipped modestly compared to 2022, according to a recent report by Texas REALTORS.

Sales plunged by 11 percent last year, the report found, with a total of 327,921 sales—the lowest number since 2016. The drop happened despite homes in the state being generally a bit cheaper (down 1.4 percent) than they had been the year before with a statewide median price of $335,100.

 

https://www.newsweek.com/texas-housing-market-trouble-1878738

 

 

4 minutes ago, closetohumping said:

Texas' Housing Market Tumbles
Home sales in Texas fell to the lowest level in seven years in 2023, as persistently high mortgage rates kept buyers out of the market even as prices dipped modestly compared to 2022, according to a recent report by Texas REALTORS.

Sales plunged by 11 percent last year, the report found, with a total of 327,921 sales—the lowest number since 2016. The drop happened despite homes in the state being generally a bit cheaper (down 1.4 percent) than they had been the year before with a statewide median price of $335,100.

 

https://www.newsweek.com/texas-housing-market-trouble-1878738

 

 

I think high interest rates is the biggest contributor to the lack of home sales. If/when we drop to free money zone again, houses will be flying off the market.

7 minutes ago, closetohumping said:

Texas' Housing Market Tumbles
Home sales in Texas fell to the lowest level in seven years in 2023, as persistently high mortgage rates kept buyers out of the market even as prices dipped modestly compared to 2022, according to a recent report by Texas REALTORS.

Sales plunged by 11 percent last year, the report found, with a total of 327,921 sales—the lowest number since 2016. The drop happened despite homes in the state being generally a bit cheaper (down 1.4 percent) than they had been the year before with a statewide median price of $335,100.

 

https://www.newsweek.com/texas-housing-market-trouble-1878738

 

 

$400,000 @ 3% = $1,686

$250,000 @7% = $1,663

Prices need to drop a hell of a lot more than 1.4%, and the amount of inventory under $250K is.....not good.

  • 11 months later...

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