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Texas Housing Market Calms in Third Quarter of 2022

Texas Realtors releases 2022-Q3 edition of the Texas Quarterly Housing Report

November 03, 2022 — Austin
Activity in the Texas housing market slowed in the third quarter this year, according
to the 2022-Q3 Texas Quarterly Housing Report released today by Texas
REALTORS®. The 97,711 homes sold in Texas in the third quarter represents a
10% decline from the previous quarter and 15% from the third quarter of 2021.
However, while the $345,000 median sales price dipped 3.6% lower than the second
quarter this year, it is still 11.3% higher than the third quarter of 2021.
“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—a supply-and-demand statistic that measures how
long it would take to sell all homes currently for sale at the current pace of
sales—increased from 2.1 months in the second quarter to 2.7 months in the third
quarter. The third quarter of 2021 had only 1.6 months of inventory.
Chairman Berry concluded, “While statewide trends are interesting, buyers and
sellers need to know what’s going on in their local area. Even different parts of the
same neighborhood sometimes have varied market conditions. That’s why it’s critical
to work with a REALTOR®—to have a professional by your side to guide you every
step of the way.”