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Released: July 2022

The Texas Real Estate Research Center recently released the Texas Housing Insight April 2022, that is a summary of important economic indicators that help discern trends in the Texas housing markets. Economists at this real estate center continuously monitor many facets of the global, national, and Texas economies. All measurements are calculated using seasonally adjusted data, and percentage changes are calculated month-over-month, unless stated otherwise. This monthly publication provides data and insights on the Texas housing markets.

April 2022 summary

Summary:

Record housing prices and rapidly rising mortgage rates are making homebuyers reconsider the value of home purchases. In April, the median single-family price climbed to almost $350,000 in Texas, and the national mortgage rate rose almost 2 percent in the span of one year, making home purchases a challenge especially for first-time buyers. Seasonally adjusted home sales declined for three consecutive months since January’s peak, and the weighted loss on homes valued less than $300,000 reflected first-time buyers’ pause. Meanwhile, more expensive homes had a marginal sales increase. The unusually low inventories persisted. However, demand in building permits rebounded in April. The growing future supplies and the steep borrowing rates are expected to slow home-price growth and cool the frenetic housing market.

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