Texas Home Sales Down While Prices Up: Second Quarter of 2022

July 25, 2022by Brian Talley

While the number of single-family homes sold across the state declined 5.6 percent in the second quarter of 2022 compared to the same quarter in 2021, median price was up 19.1 percent to $357,388, according to the Texas REALTORS® 2022-Q2 Texas Quarterly Housing Report. Almost half of the homes sold in Texas were in the $200,000-$399,000 price range.

“The rapidly rising interest rates, increases in home price, and tight housing inventory had a slowing effect on home sales in the second quarter of the year, but the Texas housing market is still strong,” said Jim Gaines, Ph.D., research economist with the Texas Real Estate Research Center at Texas A&M University. “The data could indicate signs of a transition period for the Texas real estate market. If inventory continues to steadily increase and home sales price appreciation begins to slow, we could be moving towards a pre-pandemic environment.”

Texas housing supply was up 0.8 months to 2.1 months of inventory. It was the first time since the third quarter of 2019 that inventory has increased year over year. It’s also the first time inventory has been over a two-month supply since the third quarter of 2020.