Texas Real Estate Market Update 3rd Qtr 2022

[Bruce Lynn]

97,711 homes were sold in Texas in the third quarter. That’s down 10% from the previous quarter and 15% from the third quarter of 2021.

The statewide median sales price was $345,000. That’s 3.6% lower than the second quarter this year but 11.3% higher than the third quarter of 2021.

Months of housing inventory increased from 2.1 months in the second quarter to 2.7 months in the third quarter. The third quarter of 2021 had 1.6 months of inventory.

Buyers in many markets 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.

Interest rates on 30 year conventional in the 7.3% range now.