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

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.

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

Maybe the state government shouldn't be trash?

Malaysia Malaysia Latest News, Malaysia Malaysia 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. 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 »

Job market gains momentum in July despite recession signals elsewhereThe U.S. economy had about 11.2 million open jobs in July, the latest sign of strength in a historically strong labor market.
Source: WEWS - 🏆 323. / 59 Read more »