The residential real estate market in Texas had a successful month in August. Total home sales increased by 9.5 percent on the consumer side and construction permits increased by 5.3 percent on the supplier side despite continuously high loan rates. After seven straight increases, the median price fell amid the growth for the first time. Although the price decline appeared significant, it was just $800 and might be an indication of a balanced market. The housing market does not indicate any big turbulence anytime soon because many sellers are trapped with pandemic-era low rates and many purchasers are finding it difficult to keep up with rising costs. Rebounded Home Sales Speed up Market Time by Two Days Amid a slowdown in the real estate industry, Texas’ total home sales improved from last month’s
three-year low after reaching over 27,000 transactions in August. The sales activity picked up at an impressive rate of 9.5 percent month-over-month (MOM), albeit the activity level was still 8 percent lower than last year’s reading. Sales ticked up uniformly this month in all four major metros, growing between 0.8 percent to 9.7 percent.
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