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

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Now there are more homes for sale in Texas than at any time since fall 2020

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.

And there’s still a mismatch between the number of homes for sale and the number of people seeking them. Experts in residential real estate consider six months’ worth of housing supply — meaning that it would take homebuyers six months to buy every home on the market — a healthy balance between buyers and sellers. Texas had 2.5 months of supply as of July, according to the Texas Real Estate Research Center.

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And not enough buyers. Lol. 2008 housing bubble all over again.

Maybe the state government shouldn't be trash?

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