Texas Housing Market Analysis - August 2024

The Texas housing market in August 2024 presents a nuanced landscape with several key indicators showing varied trends. The Median Sales Price for homes in Texas stands at $350,100, reflecting a slight decrease of 1.4% year-over-year (YoY). Similarly, the Median List Price has also seen a minor decline of 0.9% YoY, now at $359,300.

Despite these decreases, the median Price Per Square Foot has remained relatively stable, showing a marginal increase of 0.1% YoY to $180.00. The Median List Price per square foot has experienced a more noticeable rise of 1.7% YoY, reaching $186.00.

In terms of sales activity, the number of Homes Sold has dropped significantly by 9.9% YoY, totaling 27,491 units. Pending Sales have also decreased by 8.1% YoY, with 31,156 transactions currently in the pipeline. Conversely, New Listings have increased by 1.4% YoY, amounting to 39,248 new properties entering the market.

Inventory levels have surged by 17.8% YoY, now at 113,619 units. This increase in inventory has contributed to a substantial rise in the Months of Supply, which has grown by 90.0% YoY to 4.10 months. The Median Days on Market have also extended by 13.0% YoY, now averaging 50 days.

The average sale to list ratio has seen a slight decline of 0.6% YoY, currently at 97.2%. The percentage of Homes Sold above list price has dropped by 5.6% YoY, now at 12.0%. Additionally, the rate of Price Drops has increased by 2.5% YoY, with 37.3% of listings experiencing price reductions. The percentage of homes going off the market within two weeks has decreased by 5.0% YoY, now at 23.7%.

Overall, the Texas housing market in August 2024 is characterized by a slight cooling in sales prices and a significant increase in inventory and supply. While New Listings are on the rise, the extended days on market and increased Price Drops indicate a more competitive environment for sellers.