New: The Texas housing market is starting to cool off after years of sharp rises in home prices and stiff competition to buy a home amid the COVID-19 pandemic.
A recently sold home in Longview in December 2021. The state's red-hot housing market is showing signs of cooling., our daily newsletter that keeps readers up to speed on the most essential Texas news.
“It’s still a seller’s market,” said Elizabeth McCoy, a Fort Worth real estate agent. “But certainly we’re seeing buyers be able to have a little bit more choice. And that’s such a good thing.” The drop-off has been particularly acute in Austin — where an already-hot housing market was super-charged during the pandemic, peaking in May when the median price for a home hit $550,000, compared with $305,000 in January 2020, just before the pandemic began.
The median selling price of a Texas home has flattened over the past three months, hovering around $350,000 to $360,000, an all-time high for the state. Barring a recession, real estate experts don’t expect home prices to come down anytime soon because Texas is still gaining thousands of residents and its job market is still growing — but they do expect prices to grow more slowly than they did over the past two years.
Mike Dishberger, a Houston townhome developer and incoming president of the Greater Houston Builders Association, said that’s because there weren’t as many buyers looking for homes. But there are “more new homes under construction right now than we’ve ever observed,” Dean said. More than 88,000 homes were under construction across Austin, San Antonio, Houston and Dallas-Fort Worth at the end of June, Dean said. And the state’s projected growth in population and jobs is expected to keep demand for homes up — though less so than during the height of the pandemic.
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