Texas-Housing-Insight-December-2023

Texas Housing Insight December 2023 Summary

Despite mortgage rates continuing to fall from their elevated level, housing sales haven’t rebounded. The average price has fallen alongside home sales, with homes costing $2,000 less than in November. Single-family starts increased while permits moved downward. Homes sat on the market for longer in December as average days on market reported its first increase since the beginning of the year.

Home Sales Fall Alongside Listings

Mortgage rates continued to fall, but their elevated level remains problematic for homebuyers as Texas’ total home sales fell 1.9 percent month over month (MOM) to 25,430 (Table 1). Among the Big Four, San Antonio reported the only gain in home sales, jumping 7.1 percent to 2,684. Houston’s home sales decreased by 16.6 percent, losing over 1,000 sales in December. Austin and Dallas also experienced losses, falling by 9.2 percent and 3.5 percent, respectively. The gap between Houston and Dallas widened as Houston reported poor monthly sales. Despite rates falling, they remain elevated, resulting in an affordability problem for homebuyers.

The state’s average days on market (DOM) climbed to 57, marking the first increase since April. This increase suggests longer listing times could be approaching. All four of the major metros experienced increases in DOM with Houston (50 days) and Dallas (49 days) rising by seven and four days, respectively. Austin (77 days) and San Antonio (68 days) had minor fluctuations from the previous month.

Housing supplies remained elevated, but active listings fell for the first time since May, falling to 103,395 listings. San Antonio (12,254) was the only one of the Big Four to post a monthly increase at 1 percent. Austin had the largest drop in active listings with a 13.3 percent loss to 8,307 listings. Dallas (22,056) and Houston (24,770) had moderate reductions. Despite the fall in active listings in December, levels are still on pace with 2019.

The state’s new listings fell 1.89percent to 42,658 in December. All four of the major metros posted monthly decreases of between 2 and 4 percent. Austin had a 2 percent decrease to 3,766 listings while San Antonio had the largest decrease at 4 percent. Amid the fall in active listings, the months of inventory (MOI) experienced a small decrease to 3.6 with Austin contributing heavily to the fall, dropping over 10 percent.

Mortgage Rates Continue to Plunge

Treasury and mortgage rates continued to fall amidst rumors of interest rate hikes being finished. The ten-year U.S. Treasury Bond yield fell 48 basis points to 4.02 percent. Likewise, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate fell 62 basis points to 6.82 percent. If rates continue to fall into the start of 2024, housing affordability should improve.

Permits Unchanged, Starts on the Rise

Texas’ single-family construction permits moderated just shy of a quarter of a percent decrease from November, falling to 12,392 issuances. Dallas and San Antonio had monthly dips falling 5.3 percent and 12.9 percent, respectively. Houston and Austin both experienced minor fluctuations of less than ten issuances.

Construction starts grew while construction permits remained effectively unchanged, according to data from Dodge Construction Network. Single-family starts increased 2.5 percent MOM to 12,222 units. Despite the Texas increase, San Antonio (8,08 starts) reported the only monthly increase among the Big Four, rising 20.6 percent. Austin (1,392 starts) fell 13.6 percent, making the ratio of Austin to San Antonio starts fall under the typical 2:1 ratio. Dallas (3,250 starts) and Houston (3,448 starts) continued to outperform the rest of the state, combining for 55 percent of total starts.

The state’s year-to-date total single-family starts value climbed to $29.8 billion, up from $27.7 billion in November. Starts values continued to mirror 2019 values since May, however, value fell just outside the $1 billion dollar threshold in December. Houston and Dallas accounted for over 60 percent of the state’s construction value.

Median Home Prices Fall Despite Big Four Rising

Texas’ median home price fell 0.7 percent to $332,300 (Table 2). Among the Big Four metro areas, Dallas posted the only decrease, falling by 1 percent. Austin saw the greatest price boost with a 4.2 percent gain, raising the price to its highest level since January. Home prices across the Big Four remain above pre-COVID prices.

Home prices continued to hover around $200,000-$300,000 and $300,000-$400,000, accounting for 26 and 24 percent of total home sales, respectively.

The Texas Repeat Sales Home Price Index (Dec 2004=100) fell 0.9 percent MOM but remains 2 percent up from the previous year. Houston had the highest annual appreciation at 2.6 percent YOY increase while Austin showed the lowest annual appreciation at negative 3 percent.

Source – Joshua Roberson and Koby McMeans (February 20, 2024)

https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-Insight

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January 2024 DFW Real Estate Stats

January 2024 brought a surge in North Texas real estate listings, with Collin County leading at a 25% increase in new listings compared to the same period last year. Dallas County follows suit with a commendable 14% uptick, while Denton and Rockwall counties record rises of 12% and 32%, respectively. Tarrant County, while still showing growth, experiences a more modest increase of 6% in new listings. While days on market varied—Collin improved by 1.8%, Dallas increased by 9%, Denton dropped by 13%, and Rockwall rose by 6%—closed sales were up in all counties except Tarrant, which saw a 4% decrease.

In summary, the January 2024 real estate statistics paint a picture of a vibrant and dynamic market in North Texas. The surge in new listings signifies growing confidence among sellers, while variations in days on the market underscore the nuanced nature of local market conditions. Despite minor fluctuations, the overall trajectory remains positive, reaffirming North Texas as a robust hub for real estate activity.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

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2023 DFW Real Estate Year-End Stats at a Glance

Our third annual stats report of the DFW real estate market is here!

We’ve taken our monthly stats-at-a-glance reports from January through December of 2023, totaled, averaged, and compared the data to the numbers from 2022.  The result is an annual report of the DFW real estate market in 2023.  

For more stats information, pdfs and graphics of our stats including detailed information by MLS area and condo stats, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

Texas-Housing-Insight-November-2023

Texas Housing Insight November 2023 Summary

The housing market remains tight despite mortgage rates falling from their elevated levels. Home sales decreased just shy of 1 percent month over month (MOM). Prices did not fall alongside sales as most of the state experienced minimal change in prices. Construction permits plummeted in November despite construction starts increasing. Homes sat on the market for less time as average days on market continued its decreasing trend observed this year.

Home Sales Fall as Listings Increase

Mortgage rates fell this month, but their elevated level remains problematic for homebuyers as Texas’ total home sales fell 0.9 percent MOM to 25,916 sales in November (Table 1). Among the Big Four, Dallas reported the only increase in home sales, rising 2.3 percent to 7,363 sales. Austin fell 4.4 percent, and San Antonio reported its second straight month of significant decreases, plummeting 8.9 percent. The gap between Dallas and Houston widened as both continued to move in opposite directions. High mortgage rates have created an affordability problem, with people needing to spend more of their total income on affording a median-priced home.

The state’s average days on market (DOM) fell to 51, continuing the decline observed in 2023. For the past seven months, readings have gone from 59 to 51 days, indicating a shorter listing period. Among the major metros, Austin (75 days) and San Antonio (70 days) reported DOM significantly above the state average, while Houston (43 days) and Dallas (46 days) experienced minor fluctuations from the previous month.

Housing supplies are stocking up as active listings marked their sixth straight month of increases, climbing to 104,058 listings. This is the first time in four years supply has hit six-digit numbers. All four major metros posted monthly gains with Dallas adding 1,949 listings (9.1 percent) while Austin added fewer than a hundred homes for the third consecutive month. The constant increases since the start of 2023 have put the state’s active listings at January 2019 levels.

The state’s new listings rose 1.85 percent to 43,255 in November. San Antonio contributed heavily to this jump, rebounding from last month’s fall with a 9.4 percent increase. Dallas’s numbers remained unchanged from October. Amid the rise in active listings, the months of inventory (MOI) had a small increase to 3.7 months with all four major metros also posting small increases.

Mortgage Rates Fall from Peak Values

As news broke that the Fed might be finished with their rate hikes, treasury and mortgage rates fell. The ten-year U.S. Treasury Bond yield fell 30 basis points to 4.5 percent. Likewise, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate fell 18 basis points to 7.44 percent. The decreases across the board signal an increase in housing affordability.

Mixed Single-Family Construction Activity

Texas’ single-family construction permits fell 1.7 percent MOM to 12,418 issuances. Both Austin and San Antonio had MOM dips falling 7 percent and 16 percent, respectively. Houston was essentially unchanged with only a 0.3 percent decline while Dallas grew by 1.3 percent.

Construction starts grew while construction permits fell, according to data from Dodge Construction Network. Single-family starts increased 1.1 percent MOM to 11,744 units. Both Dallas (3,393 starts) and Houston (3,510 starts) continued to outperform the rest of the state, combining for 58 percent of the total starts. Austin increased its lead over San Antonio, with 1,647 starts approaching a 3:1 ratio compared to San Antonio. Historically, Austin’s advantage has been about 2:1 in total starts.

The state’s year-to-date total single-family starts value climbed to $27.7 billion, up from $25.4 billion in October. Starts values have been mirroring 2019 values since May, remaining within $1 billion dollars from the observed 2019 values. Houston and Dallas both accounted for 30 percent of the state’s construction activity values.

Median Home Price Steady Across the Big Four

Texas’ median home prices recorded a modest decline, falling 0.1 percent to $334,600 (Table 2). All of the Big Four recorded marginal changes of less than 1 percent, with Dallas exhibiting the only increase in price at 0.9 percent. Austin’s home prices have come down significantly from the highly inflated 2022 prices, although remain elevated from pre-COVID prices.

Home prices continued to hover around $200,000-$300,000 and $300,000-$400,000, accounting for 26 and 24 percent of total home sales, respectively.

The Texas Repeat Sales Home Price Index (Dec 2004=100) fell 0.9 percent MOM but remains 2 percent up from the previous year. Houston had the highest annual appreciation at 2.6 percent YOY increase while Austin showed the lowest annual appreciation at negative 3 percent.

Source – Joshua Roberson and Koby McMeans (January 24, 2024)

https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-Insight

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December 2023 DFW Real Estate Stats

In December 2023, real estate statistics across various counties showed mixed trends. In Collin County, new listings increased by 15%, active listings rose by 13.8%, and the average sales price went up by 3.5% to $569,839. However, there was a 2.1% increase in days on market, reaching 49 days. Price per square foot also saw a 5.8% uptick at $220, while closed sales experienced a slight decrease of 0.1%, totaling 1083.

Dallas County witnessed a 14.6% increase in new listings, with active listings up by 16.8%. The average sales price soared by 15.8% to $518,225, and the price per square foot rose by 7.1% to $225. Days on market increased significantly by 10.8%, reaching 42 days, while closed sales declined by 8.9%, totaling 1345.

Denton County reported a more modest increase in new listings at 2.9%, with active listings up by 2.5%. The average sales price grew by 4.7% to $549,571, and the price per square foot increased by 2.4%. Days on market experienced a 1.9% rise, averaging 54 days. However, closed sales saw a substantial decline of 16.2%, totaling 912.

Rockwall County saw a 7.7% increase in new listings, but total actives were down by 6.4%. The average sales price rose by 4.1% to $479,202, and the price per square foot increased by 1.1%. Days on market surged by 25.9%, averaging 73 days, while closed sales declined by 10.4%, totaling 164.

In Tarrant County, new listings decreased by 2.3%, but total active listings went up by 7.8%. The average sales price, price per square foot, and days on market increased by 1.1%, 1.1%, and 4.3%, respectively. Closed sales, however, experienced a notable decline of 10.2%, totaling 1534.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

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November 2023 DFW Real Estate Stats

November stats are in! New listings increased over November 2022 in all counties except for Denton County. Rockwall County saw the biggest increase in new listings with 219 (up 16.5% over November 2022). Days on market increased in Denton County (7.7% YoY), Dallas County (6.1% YoY), and Tarrant County (7.9% YoY) while Collin County slightly decreased by 2.3% from 2022. The National Association of Realtors is forecasting that Dallas-Fort Worth area will be one of the country’s top housing marketing in 2024, second to Austin. These stats provide valuable insights for both buyers and sellers as we round out 2023 and prepare for the new year.

In this ever-evolving real estate landscape, understanding local market trends is essential. Whether you’re buying, selling, or investing, our team is here to provide expert guidance tailored to your needs.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

Texas-Housing-Insight-October-2023

Texas Housing Insight – October 2023 Summary

High mortgage rates continue to put downward pressure on the housing market, with Texas home sales decreasing 5.9 percent year-over-year (YOY). The average price fell alongside sales, with homes costing around $6,000 less than in September. Demand for new construction increased despite the high entry barrier into the housing market. Homes continue to sit on the market longer, increasing by a week since the start of the year.

Housing Demand Remains Weak

High mortgage rates continue to decrease demand for homebuyers, leading to Texas’ total home sales falling 3.7 percent to 26,164 sales in October (Table 1). The “Big Four” metros were split with Austin and Dallas experiencing gains while Houston and San Antonio fell significantly. Austin had the highest monthly elevation with a 2.4 percent growth rate while San Antonio plummeted by 6.1 percent. The gap between Dallas and Houston grew as they moved in opposite directions. High mortgage rates continue to increase the entry barrier for buyers, leaving only the most committed buyers in the market.

The state’s average days on market (DOM) enters its sixth month of decreases, falling from 59 days in February to 52 days in October, indicating a shorter listing period. Among the major metros, Houston (44 days) posted the only monthly decrease while San Antonio (70 days) posted the largest gain. Dallas (44 days) and Austin (68 days) remain unchanged from the previous month.

Housing supplies are stocking up as active listings marked their seventh straight month of increases, climbing 4.1 percent to 98,875 listings. All four major metros posted monthly gains with Houston (8.5 percent) adding 1,867 listings while Austin (0.9 percent) had a moderate gain of 84 listings. The constant increases since the start of 2023 have put the state’s active listings number at October 2019 levels.

The state’s new listings fell 1.45 percent to 42,100 in October. San Antonio contributed heavily to this decline, falling over 17 percent (790 homes). Amid the rise in active listings, the months of inventory (MOI) grew to 3.8 months with all four major metros posting marginal gains.

High Mortgage Rates Continue to Impair Affordability

The Fed’s effort to curb inflation has led to a substantial rise in both treasury and mortgage rates. The ten-year U.S. Treasury Bond yield grew for the sixth consecutive month reaching 4.8 percent. Likewise, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate increased to 7.62 percent, up 42 basis points. The inflated mortgage rate is expected to further raise the cost of homeownership, decreasing mortgage applications.

Single-Family Permit Levels Rebound

Texas’ single-family construction permits rose 1.1 percent month over month (MOM) to 12,619 issuances. All four major metros reported growing demand for permits except for Houston (4,007 units), falling 4.6 percent. Among the other three metros, both San Antonio (967 units) and Dallas (3,731 units) saw double-digit monthly percent gains at 31 and 24 percent, respectively. Austin rebounded from last month’s fall, climbing 8.7 percent to 1,643 units.

Construction starts grew alongside construction permits according to data from Dodge Construction Network. Single-family construction starts increased 1.2 percent MOM to 11,556 units. Both Dallas and Houston led with over 3,250 houses breaking ground, surpassing the combined total of other metros outside the Big Four. Home project starts in Austin (1,605 starts) and San Antonio (694 starts) surpassed the typical 2:1 ratio.

The state’s year-to-date total single-family starts value climbed to $25.4 billion, up from $22.8 billion in September. Starts values continued the previous month’s trend of mirroring the values observed in 2019. Houston and Dallas remain the largest contributors, accounting for more than half of the state’s construction activity values. Dallas’ market share rose to 30.2 percent, with Houston trailing at 29.7 percent.

Median Home Price Falls for First Time Since February

After last month’s spike in median home prices, October erased that increase with the housing market easing as the median home price fell 1.9 percent MOM, falling by over $6,000 from last month. Housing prices remained elevated, but this month they declined as all of the Big Four metros reported monthly decreases with Austin experiencing the greatest decrease at 3 percent. Dallas and Houston declined by over 1 percent while San Antonio declined the least at 0.7 percent (Table 2).

Due to the price rise, half of homes are now priced at $200,000-$300,000 or $300,000-$400,000, accounting for 26 percent and 24 percent of total home sales, respectively.

The Texas Repeat Sales Home Price Index (Dec 2004=100) moderated at a 0.1 percent MOM loss but was up 1.5 percent from the previous year. Austin had the lowest annual appreciation with a 5.7 percent YOY decrease while Houston showed the highest annual appreciation at 2.5 percent.

Source – Joshua Roberson and Koby McMeans (December 13, 2023)

https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-Insight

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October 2023 DFW Real Estate Stats

October Stats are in! In Collin, Dallas, Denton, Tarrant and Rockwall Counties, new Listings, active listing counts, days on market, average sales prices are up a few percentage points from last year. Closed sales across the counties, with the exception of Collin County with 1122 sales in October are down a few percentage points from 2022. Good news for Buyers who have more choices as we move into the winter! Also please note that we have included condominium statistics for all counties. Happy Thanksgiving from all your friends at Republic Title!

In this ever-evolving real estate landscape, understanding local market trends is essential. Whether you’re buying, selling, or investing, our team is here to provide expert guidance tailored to your needs.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

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September 2023 DFW Real Estate Stats

In September 2023, active listings varied across counties. Collin County witnessed a 10% decline, Denton County experienced a 10% decrease, while Dallas County and Tarrant County saw increases of almost 4% and 3.7% respectively. Rockwall County noted a 4.5% reduction in active listings.

Regarding closed price per square foot, Collin County saw an increase of 2.3%, Dallas County experienced a 3% rise, Denton County remained flat, and Rockwall County and Tarrant County witnessed decreases of 3.6% and 1.1% respectively. Average days on Market are still up across the board over 2022 with Rockwall County having the largest increase of 97% increase.

In this ever-evolving real estate landscape, understanding local market trends is essential. Whether you’re buying, selling, or investing, our team is here to provide expert guidance tailored to your needs.

Our stats infographics include a year over year comparison and area highlights for single family homes broken down by county. We encourage you to share these infographics and video with your sphere.

For more stats information, pdfs and graphics of our stats including detailed information by county, visit the Resources section on our website at DFW Area Real Estate Statistics | Republic Title of Texas.

For the full report from the Texas A&M Real Estate Research Center, click here. For NTREIS County reports click here.

Texas-Housing-Insight-August-2023

Texas Housing Insight August 2023

August was a positive month for Texas’ residential real estate industry. Despite persistently high interest rates, total home sales picked up 9.5 percent on the consumer side, and construction permits accelerated by 5.3 percent on the supplier side. Amid the growth, the median price slipped for the first time after seven consecutive upticks. While the price drop seemed noteworthy, it was moderate at $800 and may reflect a balanced market. With many sellers stuck with pandemic-era low rates and many buyers struggling to keep up with rising costs, the housing market does not signal any significant volatility anytime soon.

Rebounded Home Sales Speed up Market Time by Two Days

Amid a slowdown in the real estate industry, Texas’ total home sales improved from last month’s three-year low after reaching over 27,000 transactions in August. The sales activity picked up at an impressive rate of 9.5 percent month-over-month (MOM), albeit the activity level was still 8 percent lower than last year’s reading. Sales ticked up uniformly this month in all four major metros, growing between 0.8 percent to 9.7 percent (Table 1).

Reduced home sales were mostly reflected by constrained sales of existing homes, while the new construction market hiked in demand. Sales for new construction grew by 20 percent in a year. Correspondingly, the market share of new construction sales climbed five percentage points to 21.7 percent. This indicates that for every five closed listings, one will be a new home. Both demand and supply factors contributed to the increasing trend for new homes. The shortage of existing homes is due to current owners’ reluctance to give up their homes in exchange for a higher-cost home.

After balancing at 57 days for two months, the state’s average days on market (DOM) dropped to 55 days, deviating from the steep rebounding trend that lasted for over a year. For the past six months, readings fluctuated between 55 days and 59 days. That small range suggests the housing market may be stabilizing. Among the major metros, Austin (69 days) and San Antonio (66 days) reported a longer-than-average DOM, while Dallas and Houston had DOM figures of 47 days and 48 days, respectively.

Housing supplies are stocking up, as active listings have trended upward since February, and the accumulation speed is accelerating. In August, the number of homes available for sales rose 5.9 percent, reaching 90,750 listings. The four major metros posted monthly gains between 4.4 percent and 5.2 percent, with Dallas leading the pack. The state’s new listings rose 5.7 percent to 40,620 units, with Austin contributing a double-digit jump and an increase of 642 units. Despite the rise in active listings, months of inventory (MOI) had a marginal loss to 3.2 months due to recouped home sales.

High Mortgage Rates Push Down Loan Applications by One Fifth

Since the Fed initiated the series of interest rates hikes, both treasury rates and mortgage rates have increased accordingly. The ten-year U.S. Treasury Bond yield has had an average yield of 3.8 percent in 2023, up from 3 percent in 2022 and 1.5 percent in 2021. The expectation of further rate hikes pushed the bond yield to a new high since the Great Recession in 2008 at 4.2 percent.

Elevated by the bond yield, the Federal Home Loan Mortgage Corporation’s 30-year fixed-rate inched up to 7.1 percent, up 23 basis points. The inflated mortgage rate is expected to further raise the cost of homeownership and decrease mortgage applications. Under the pressure of high mortgage rates, mortgage loan applications have fallen in 2023 with the annual high in January. In the past eight months, the Mortgage Bankers Association reported a volume index drop of over 20 percent. 

Momentum for Housing Inventories Might Be Forthcoming

Texas’ single-family construction permits rose 5.3 percent MOM to 13,160 issuances. This rise highlights August as the second month this year with more than 13,000 houses approved for construction. All four major metros reported growing demand except for San Antonio (630 permits), falling 16.4 percent MOM. Of the other three metros, Houston led with close to 4,500 permits, accounting for a third of the state’s total permits for future homebuilding. Dallas followed with 3,980 permits. Austin (1,717 permits), which had drastic construction slowdown with last year’s price correction, finally jumped out of the lows, reporting impressive rebounds with a double-digit growth rate.

Construction starts grew alongside construction permits. After five consecutive months of growth, single-family construction starts in Texas inched up to 11,950 units. Both Dallas and Houston led with over 3,300 houses breaking ground, surpassing the combined total of other metros outside the “Big Four.” Home project starts in Austin (1,810 starts) and San Antonio (810 starts) surpassed the typical 2:1 ratio.

The state’s total single-family starts value reached $21.2 billion, up from $18.8 billion in July. While the current starts value fell short of the peak during the 2020-22 pandemic frenzy, it mirrored the construction activity levels observed in 2019. Notably, Houston and Dallas remain pivotal players, contributing to more than half of the state’s construction activity values. Dallas’ market share rose to 27.6 percent, closely trailing Houston’s 27.7 percent share.

Price Gains Pause for the First Time This Year

This year’s steady price gains took a pause in August as Texas‘ median home price dipped. Despite the 0.3 percent MOM decrease, the seasonally adjusted price at $336,600 was still at a higher standing than the June reading. The state’s housing market signaled no large volatility, as the Big Four metros reported monthly changes of less than 0.5 percent. At the metro level, Austin’s median price remained elevated at $454,000, while Dallas followed with $396,500 (Table 2).

After reaching record prices last year, the four major metros have split into two groups with their price directions. Dallas and Houston—the two largest housing markets—had been regaining some strength in their median prices, inching up 2.4 percent and 1.8 percent year to date (YTD), respectively. Meanwhile, Austin and San Antonio had not yet geared up for a new price momentum, falling behind 0.6 percent and 0.3 percent YTD, respectively.

The Texas Repeat Sales Home Price Index (Dec 2004=100) peaked in July and stayed relatively stable in August. After suffering major price corrections earlier in the year, home price growth has gradually grown back to rates comparable to the peaks from last year.

Source – Joshua Roberson, Weiling Yan, and Koby McMeans (October 13, 2023)

https://www.recenter.tamu.edu/articles/technical-report/Texas-Housing-Insight