Texas Home Sales Remain Steady in the First Quarter of 2024
Texas Realtors Q1-2024 Texas Quarterly Housing report also showed an increase of homes on the market.
AUSTIN, Texas, April 24, 2024 /PRNewswire/ -- The number of Texas homes sold in the first quarter of 2024 was nearly identical to the total in the first quarter a year ago, according to the Texas Quarterly Housing Report released today by Texas Realtors. The supply of homes on the market increased, while the statewide median price of $330,950 was 1.6% higher than in 2023.
"Market conditions vary by location, and about forty percent of Texas metro areas actually saw an increase in sales compared to the first quarter last year," said Jef Conn, chairman of Texas Realtors. "However, the number of homes listed went up nearly across the state. This will give many buyers more options than they had in the past several years."
Median Prices Mostly on The Rise in Q1-2024
- Median price went up in 19 metros and down in 6.
- No metro had a median price decrease of more than 2.3% compared to a year ago.
- The biggest increase in median prices were in Odessa (11.2%), Midland (9.5%), and Texarkana (8.5%).
More Listings Went on the Market, Driving Months of Inventory Higher
Months of inventory, a statistic that measures how long it would take to sell the homes currently on the market at the current pace of sales, increased from 2.7 months at the end of the first quarter last year to 3.8 months at the end of the first quarter this year. While a few metros had inventory numbers economists consider a balanced market (6 to 6.5 months of inventory), most areas of Texas still recorded inventory levels below that number, indicating that an adequate supply of housing continues to be a concern.
Active listings increased 33.7% at the end of the first quarter compared to the end of the first quarter in 2023.
Homes spent two fewer days on the market statewide compared to the same period last year. Days on market went up in 16 metros and declined in 9.
"Realtors are working with buyers and hearing from lots of others who are considering buying," said Conn. "During the pandemic, buyers often were rushed, trying to compete with many other offers. Now, most buyers have a little more time to vet properties and make an offer. While interest rates have remained stubborn, there are good opportunities for buyers. For sellers, prices have held up compared to a year ago, signaling good opportunities to sell. No matter which side of a home sale you're on, it's smart to work with a Texas Realtor who can provide information and guidance."
About the Texas Real Estate Year in Review Report
Data for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local Realtor associations and their MLSs, and Texas REALTORS®, with analysis by the Texas Real Estate Research Center. The report provides quarterly real estate sales data from a statewide perspective and for 25 metropolitan statistical areas in Texas. To view the report in its entirety, visit texasrealestate.com.
About Texas REALTORS®
With more than 150,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocate for REALTORS® and private property rights in Texas.
CONTACT: David Gibbs, [email protected]
SOURCE Texas Realtors
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