The Texas Real Estate Research Center has issued the following press release:
AUSTIN – The median sales price of Texas homes topped $325,000 in first quarter 2022, an 18.6 percent increase over the year, according to Texas Realtor’s 2022-Q1 Texas Quarterly Housing Report.
In the first quarter, 88,700 homes were sold in Texas, a 5.6 percent increase over 1Q2021. Nearly half of the homes sold were in the $200,000 to $399,000 price range.
“Homebuyers and sellers in Texas have had a decade of high expectations, and that excitement isn’t going away, but it may be approaching a peak,” said Dr. Jim Gaines, research economist with the Texas Real Estate Research Center (TRERC) at Texas A&M University. “Mortgage interest rates are going to continue to rise through the rest of the year and this, combined with the lack of good supply, may make the pace and rate of home sales look a little more modest. Although home sales statistics in the first quarter of 2022 don’t appear as positive compared to the same quarter last year, the Texas real estate market is still very strong.”
Active listings were down 8.2 percent over the year to 38,870. Homes spent an average of 37 days on the market before going under contract, ten days fewer than first quarter 2021.
Housing supply in Texas decreased 0.2 months to 1.1 months of inventory. TRERC considers six to 6.5 months of inventory a balanced market.
