Weekly Real Estate News
The median price of homes sold in Texas in the second quarter was $345,000, a 3.1% decline from the $357,388 price recorded one year ago, according to new data from Texas Realtors.
Half of the Texas residential properties sold in the second quarter this year were in the $200,000 to $399,999 price range, up from 45.8% of all sales one year earlier. Homes that sold for at least $750,000 made up 8.7% of all second quarter sales – one year ago, that share was nearly 10%.
The second quarter saw fewer closed sales – 96,541, a 10.8% year-over-year decline – but it also experienced more active listings – 96,541, a 32.2% upswing. The months of inventory increased from 2 to 3.2 months from the same period last year.
“There’s a saying that all real estate is local, and the second quarter this year showed how true that is,” said Marcus Phipps, 2023 chairman of the Texas Realtors. “While the statewide median price eased down, median prices are actually up in about half of Texas markets. Despite that variation, the average number of days that homes spent on the market was up in every metro area, and the number of homes available increased in nearly every metro as well.”
