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?

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