Texas’ housing market shows signs of cooling down after the pandemic drove it to new heights

who are facing higher mortgage rates, bloated home prices and inflation. That’s a sign that buyers are starting to gain an edge, real estate experts told The Texas Tribune.

Since the Federal Reserve began raising interest rates in the spring to try to slow rampant inflation, pushing mortgage rates higher too, the trend has begun to reverse across the state. Last July, 55,668 homes were listed for sale in Texas, according to the TRERC. A year later, that number had grown more than 50% to 83,513.

Now, demand for housing in the capital city has tapered off. The number or houses for sale reached 8,709 in July — a 168% jump from the 3,251 listed in July 2021. 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.

Meanwhile, builders in some parts of the state pulled back on construction of new single-family homes after two years when construction surged. Building permits for new single-family homes across Texas fell by double digits in July compared with July 2021.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Texas’ housing market shows signs of cooling down after the pandemic drove it to new heightsTexas had more houses on the market in July than any time since late 2020 as home sales declined in the state’s major metros. Sellers have had to cut prices to entice buyers. Maybe the state government shouldn't be trash? And not enough buyers. Lol. 2008 housing bubble all over again.
Source: ksatnews - 🏆 442. / 53 Read more »

Texas’ housing market shows signs of cooling down after the pandemic drove it to new heightsTexas had more houses on the market in July than any time since late 2020 as home sales declined in the state’s major metros. Sellers have had to cut prices to entice buyers. I like houses I’ve seen sad homes 🏠 Don’t let it go to heck with weeds
Source: TexasTribune - 🏆 441. / 53 Read more »

Texas’ housing market shows signs of cooling down after the pandemic drove it to new heightsTexas had more houses on the market in July than any time since late 2020 as home sales declined in the state’s major metros. Sellers have had to cut prices to entice buyers. homebuying housing kprc2 click2houston texasnews Just don’t buy a BeazerHomes
Source: KPRC2 - 🏆 80. / 68 Read more »