Active home listings for sale in Texas reached 125,398 in the second quarter of this year, an increase of nearly 41% compared to the same period last year, according to the Texas Quarterly Housing Report published by Texas Realtors.
Meanwhile, the statewide median price of $345,000 was just 0.6% higher than in the second quarter of 2023, while the number of homes sold decreased by 3% to 93,417.
“With today’s higher rates, some buyers are on the sidelines waiting for rates or home prices to drop,” said Jef Conn, president of Texas Realtors. Conn also noted that even in markets with an increase in the supply of homes for sale, some sellers are holding out for the higher prices seen during the pandemic.
“Homeowners looking to sell quickly will want to ensure their home is in good condition and priced competitively,” he added.
Average prices increased moderately in most Texas markets.
The median price rose in 22 metropolitan areas and fell in four. The largest increases in median prices were in Odessa (11.7%), Abilene (11.2%), San Angelo (8.4%), and Midland (6%). The four metropolitan areas with decreases in median prices experienced moderate declines: Austin-Round Rock-San Marcos (-3.2%), Lubbock (-4.1%), San Antonio (-1.3%), and Texarkana (-2.5%), the report adds.
More listings drove the increase in months of inventory.
Months of inventory, a statistic that measures how long it would take to sell the homes currently on the market at the current sales pace, increased from 3.1 months at the end of the second quarter last year to 4.6 months in the second quarter of this year. This marks the highest number of months of inventory in at least eight years.
Odessa was the only market where months of inventory decreased and the only area in Texas to record a decrease in listings compared to last year.
Statewide, homes spent the same number of days on the market compared to the second quarter of last year. However, days on market increased in 20 metropolitan areas and decreased in six.
The data for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local Realtor associations and their MLSs, and Texas REALTORS®, with analysis from the Texas Real Estate Research Center.
