Texas home sales down 10% in third quarter

Texas home sales down 10% in third quarter

Texas home sales down 10% in third quarter

Summary : Texas home sales down 10% in third quarter.

Dallas-Fort Worth home sales were down 14.3% last quarter, a smaller year-over-year change than in Austin and Houston.

Russell Berry, chairman of Texas Realtors, said the number of homes being sold now is closer to pre-pandemic figures than those seen in the unprecedented market seen over the last couple of years.

“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,” Berry said in a statement. “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.”

The national housing downturn spurred by higher mortgage rates and affordability challenges is reverberating across the Lone Star State.

In Dallas-Fort Worth, though, prices are soaring more than in other Texas metros , and the region’s home supply is the tightest in the state.Texas real estate agents sold 97,711 homes in the third quarter , a 10% decline from the previous quarter and a 15% drop from a year before, according to a new report from Texas Realtors .

The median price of a home statewide dropped 3.6% from the second quarter to $345,000 but was still 11.3% higher than in third-quarter 2021.

Dallas-Fort Worth home sales were down 14.3% last quarter , a smaller year -over- year change than in Austin and Houston. At $406,000, the median home price in D-FW was up 14.4%, the most of the major Texas metro areas. The region has also seen some of the most price growth in the country.Dallas-Fort Worth had 2.3 months of available housing supply as of the third quarter , the lowest level of any Texas metro. While up an entire month from a year before, a balanced market between buyers and sellers would have about six months of supply.

The state has 2.7 months available, up from 1.6 a year before.

Russell Berry, chairman of Texas Realtors , said the number of homes being sold now is closer to pre-pandemic figures than those seen in the unprecedented market seen over the last couple of year s.“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,” Berry said in a statement. “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 .”