Disclaimer: The April 2026 figures are based on more complete data and have been revised from their initial release.
Texas housing market conditions continued to soften at the start of the busiest spring market, as rising inventory, weaker-than-expected seller activity, and persistent price pressure shaped market performance through April.
While inventory expanded across the state, the pace of growth moderated relative to earlier in the year, suggesting supply is still building but no longer accelerating. Even so, available listings remain on track to reach new cycle highs, with statewide inventory now well above pre-pandemic norms. Across the major metros, active inventory increased year over year (YoY), led by San Antonio and Houston, while gains in Austin and Dallas-Fort Worth were modest to flat.
Despite the seasonal spring market, seller activity in April turned out softer than expected. New listings have not picked up as strongly as is typical for this time of year, pointing to continued caution among homeowners. This weaker flow of fresh supply indicates sellers’ hesitation to enter the market amid renewed inflation, continually elevated mortgage rates, reduced pricing power, and longer listing times. As a result, the increase in inventory appears to be driven less by a surge in new seller participation and more by homes taking longer to sell.
At the same time, home price declines appear to have reached their deepest point so far in the current cycle, which began in June 2025 when prices first turned downward. Statewide, home prices remained below year-ago levels through April, extending the downturn to 11 consecutive months. Although the pace of decline has been relatively steady in recent months, April posted the largest YoY decline to date, suggesting pricing weakness has either yet to stabilize or may be nearing its peak. Price declines remain most pronounced in Austin, while weakness has also broadened across Dallas, Houston, and San Antonio. In contrast, Fort Worth-Arlington is beginning to show tentative signs of improvement, with price declines narrowing from earlier in the spring.
Sales activity, however, has shown some resilience, supported in part by seller competition and more aggressive seller price adjustments. As affordability constraints continue to weigh on demand, more motivated sellers are increasingly using price cuts to attract buyers and move inventory. These adjustments appear to have supported transaction volume even as broader market conditions remain soft.
Overall, the Texas housing market is entering the peak buying and selling season with pricing increasingly adjusting to accommodate buyer demand, further shifting balance toward buyers. Inventory is expanding, sellers remain cautious, and home prices continue to weaken, while mortgage rates are expected to remain in the mid-6 percent range. Unless demand improves materially, the remainder of the spring market is likely to remain characterized by constrained buyer affordability, supply outpacing demand, and continued softness in pricing.
April Sales Post Another Notable Gain
- Statewide, April recorded 31,537 closed sales, a 6 percent YoY increase. Sales rose across all major metros, with Austin and Dallas leading the gains, while Houston and San Antonio recorded more modest growth (see Table 3).
- Strong April sales lifted year-to-date (YTD) sales to 2.3 percent above last year’s pace. Regionally, Austin also led YTD growth, while Dallas and Houston remained relatively flat and San Antonio posted a slight decline (see Table 3).
- April’s median sale prices were $335,000, slightly up from March’s $332,000 but below April of last year’s $337,500.
- Nationally, non-seasonally adjusted home sales rose a modest 2 percent YoY, bringing YTD activity slightly ahead of last year’s level. In April, the national median price for existing single-family homes reached 421,900, up from $418,000 a year earlier.
Monthly Market Snapshot: April Sales and Inventory Trends
- April typically marks the start of the peak spring buying, when inventory begins to tighten relatively more quickly than in previous months. In April, sold homes spent an average of 70 days on the market, down from 79 days in March but still above 2024 and 2025.
- The inventory turnover ratio is, for the first time in 2026, running ahead of last year’s pace. About one in four active listings received a pending offer during the month, slightly above last year’s level but still below 2024.
- Median seller price cuts were $12,500, or 3.6 percent of the initial listing price, still slightly higher than a year ago but down from 4.1 percent the previous month.
- Active (unsold) inventory is at a 5.2-month supply, where unsold inventory has an average DOM of 90 days, down from 94 days the previous month.
Seller Activity Weaker Than Expected
- Statewide, new listings climbed modestly from March to April, adding more than 60,000 to the inventory and up 3.3 percent month-over-month (MoM).
- While on a seasonal upswing, new listings YoY were essentially flat and tracking at the same level as last year. YTD (January through April), new-listing activity is up just 1.5 percent from last year.
- San Antonio continues to show strong seller activity, with new listings rising 11.5 percent YoY. However, new-listing activity in Austin, DFW, and Houston was weaker than expected, tracking near last year’s level in Austin but falling below it in DFW and Houston (see Table 4).
Inventory Expands, but Growth Moderates
- Statewide, inventory rose moderately, ending in April with 145,900 active listings and up 5.1 percent MoM.
- April’s active inventory was 4.4 percent higher than a year ago, pushing months’ supply to 5.2 months, similar to last April’s 5.1 months.
- While inventory continues to rise, YoY growth is moderating, with gains slowing from the first quarter.
- Inventory levels remain on a trajectory to reach new cycle highs. Current inventory is approximately 1.4-1.5 times the pre-pandemic (2019) levels (not shown).
- Across the major Texas metros, active inventory in April rose YoY by 12.6 percent in San Antonio, 7 percent in Houston, 3.2 percent in Austin, and 0.4 percent in DFW (see Table 4).
Texas Home Prices Decline at Peak Level
- Home prices continued to soften through April, extending the decline to 11 consecutive months, a trend that began nearly a year ago in June 2025.
- Although the pace of statewide price declines has remained relatively steady, at roughly 0.5-0.7 percent YoY, April has recorded the largest declines so far. Preliminary May data suggests continued broad-based price weakness.
- Statewide, home prices were down 0.9 percent from last year. Price weakness remains most pronounced in Austin, where the April decline widened to 3.3 percent, up from 2.7 percent in February and March.
- In Dallas, Houston, and San Antonio, YoY declines edged higher to 1.3 percent, 1.7 percent, and 1.9 percent, respectively.
- In contrast, prices in Fort Worth-Arlington are beginning to show early signs of recovery, with YoY declines down to 0.4 percent from 1.1 percent in March.
- In April, median seller price reductions were $19,000 in Austin, $12,500 in DFW, and $15,000 in both Houston and San Antonio, representing 5.4 percent, 3 percent, 4.2 percent, and 4.6 percent of initial listing prices, respectively. (Not shown)
Local Housing Market Indicators
Table 3
METRO LEVEL HOME SALES, APRIL 2026
Source: Texas Real Estate Research Center analysis of Data Relevance Project, Texas REALTORS® data
Table 4
METRO LEVEL MONTH-END INVENTORY, APRIL 2026
Source: Texas Real Estate Research Center analysis of Data Relevance Project and Texas REALTORS® data
Table 5
SINGLE-FAMILY HOUSING PERMITS, APRIL 2026
Notes: Permit value is builder estimated construction costs of the residential structure, not including land acquisition costs.
Source: Survey of New Construction of U.S. Census Bureau
Source: Texas Housing Insight | June 2026 | Texas Real Estate Research Center (written by Yanling Mayer)
