The Texas REALTORS® 2022 Q3 Texas Quarterly Housing Report shows that the state’s housing market has calmed considerably from its most frenzied days.
The report shows that 97,711 homes were sold in Texas during the third quarter, which is a 10% decrease from the preceding quarter and a 15% decrease year-over-year. Furthermore, while the third quarter’s average sales price of $345,000 is down from the second quarter, it’s still 11.3% higher than it was in the third quarter of 2021.
“We had two years of an unprecedented housing market,” said Russell Berry, chairman of Texas REALTORS®. “The number of homes being sold now is closer to sales numbers prior to the pandemic. While higher interest rates present a challenge for buyers, the good news is that buyers have more homes to choose from and are less likely to find themselves in a bidding war. Sellers may have to wait longer to get an offer, but home prices in many markets are still close to the all-time highs recorded earlier this year.”
The report also states that housing inventory increased from 2.1 months in the second quarter to 2.7 months in the third. That’s a huge increase over third quarter 2021, when the housing inventory was only 1.6 months.