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.

That’s a marked shift from the height of the pandemic when historically low mortgage rates and a shift to working from home drove buyers — including— to snatch up houses so fast that the state’s supply plummeted and home prices rose an average of 28% between the start of the pandemic and the end of 2021.

Ashley Jackson, the Austin Board of Realtors president, said a home she has listed for sale in the suburb of Pflugerville might have immediately received multiple offers if it had been on the market earlier in the year. But now it’s surrounded by others for sale, and though it’s had a steady number of showings, she said, no one has made an offer.

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.

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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
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