Texas Realtors releases 2022-Q1 version of the Texas Quarterly Housing Report
AUSTIN, Texas, April 20, 2022 /PRNewswire/ — The median gross sales value of Texas houses topped $325,000 through the first quarter of 2022, a rise of 18.6% in comparison with the identical interval final 12 months, in keeping with the 2022-Q1 Texas Quarterly Housing Report launched right this moment by Texas Realtors.
“The demand for Texas housing continued its speedy, upward trajectory through the first three months of 2022,” mentioned Russell Berry, chairman of Texas Realtors. “We now have tight ranges of housing stock however continued relocation exercise to Texas—in addition to loads of present Texans who need to change their housing scenario for quite a lot of causes. So, we proceed to see dwelling costs rise throughout the state and residential gross sales which might be stronger than ever.”
In the course of the first quarter this 12 months, 88,700 houses have been bought in Texas, a 5.6% enhance in comparison with the primary quarter of 2021. Practically half of the houses bought in Texas have been within the $200,000–$399,000 value vary.
Jim Gaines, Ph.D., analysis economist with the Texas Actual Property Analysis Heart at Texas A&M College, commented, “Homebuyers and sellers in Texas have had a decade of excessive expectations, and that pleasure is not going away, however it might be approaching a peak. Mortgage rates of interest are going to proceed to rise by the remainder of the 12 months and this, mixed with the shortage of fine provide, could make the tempo and charge of dwelling gross sales look a bit of extra modest. Though dwelling gross sales statistics within the first quarter of 2022 do not seem as optimistic in comparison with the identical quarter final 12 months, the Texas actual property market continues to be very robust.”
Properties spent a median of 37 days in the marketplace earlier than going below contract, 10 days lower than the primary quarter of 2021. Housing provide in Texas decreased 0.2 months within the first quarter of 2022 to 1.1 months of stock.
Chairman Berry concluded, “This 12 months is already shaping up as one other extremely energetic time for Texas actual property. With report demand, rising rates of interest and low stock, it may be a fancy marketplace for consumers and sellers. There has by no means been a extra essential time for individuals to work with an area Realtor to assist them obtain their actual property goals.”
In regards to the Texas Quarterly Housing Report
Knowledge for the Texas Quarterly Housing Report is supplied by the Knowledge Relevance Venture, a partnership amongst native REALTOR® associations and their MLSs, and Texas REALTORS®, with evaluation by the Texas Actual Property Analysis Heart at Texas A&M College. The report gives quarterly actual property gross sales knowledge for Texas and 25 metropolitan statistical areas in Texas. To view the report in its entirety, go to texasrealestate.com
About Texas REALTORS®
With greater than 150,000 members, Texas REALTORS® is knowledgeable membership group that represents all features of actual property in Texas. We’re the advocates for REALTORS® and personal property rights in Texas. Go to texasrealestate.com to be taught extra.
CONTACT
Hunter Dodson
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SOURCE Texas Realtors