Summer Real Estate Market Outlook in Texas
Texas is well-known for its booming real estate market. However, this summer the market has been little slower than in years past.
In this blog post, we will take a closer look at the current state of the Texas real estate market and what experts are predicting for the future. We will explore prices, demand, supply, and other important factors that affect the housing market.
So far, it looks like interest rates and record inflation are having an effect on both home prices and sales. But don't worry! There is still plenty of opportunity in the Texas real estate market if you know where to look!
Texas median home market prices
The typical home value in Texas is $308,628. This amount doesn't consider the wide range of prices that can be found throughout our state and only includes homes within one specific price tier. The average percentage gain quarter-over-quarter has been 24%.
In terms of home prices, Texas is still seeing growth. However, the rate of that growth has slowed down when compared to last year.
Current interest rates
According to Bankrate.com, current rates in Texas are 5.64% for a 30-year fixed, and 4.84 percent on a 15-year adjustable-rate mortgage (ARM). These rates have increased since last year, but they are still relatively low when compared to historical averages.
What does this mean for you? If you're thinking of buying a home in Texas this summer, now is a good time to start looking. Prices are predicted to continue rising, but at a slower rate than we've seen in the past.
What are the current and projected supply of new construction and used homes?
In terms of new construction, building permits for U.S. future single-family homes decreased for the second month, signaling a cooling housing market at the national level. Texas, on the other hand, permits rebounded to a seasonally adjusted (SA) monthly rate of 16,000 units after March's marginal decrease.
This is good news for those who are looking to buy a newly built home in Texas. Although the market is cooling down at a national level, there is still plenty of new construction happening right here in our state.
The current supply of used homes is relatively low compared to previous years. This is due, in part, to the fact that many people are choosing to stay put and renovate their current homes rather than purchase. Will housing prices drop in Texas? It's difficult to say for sure. However, many experts believe that prices will continue to rise, albeit at a slower rate than we've seen in the past. The Texas real estate market is still a great place to invest your money. With its combination of low-interest rates, and new construction, now is a good time to buy a home in Texas.
What does all this mean for Texas homeowners?
If you're thinking of selling your home this summer, now is a good time to do it. The current demand for Texas homes is high, and there is a limited supply of properties on the market.
Of course, every situation is different. If you're thinking of buying or selling a home in Texas this summer, be sure to speak with one of our real estate professionals to get the most accurate advice for your specific situation.
Our experience in the real estate industry spans decades. We have helped people across Texas, Oklahoma, and Arkansas find their perfect homes for all those years that they needed us!
AltaTerra Realty and Auction. LLC is here to serve you with expert knowledge on every level of buying or selling your property. Contact us today to learn how!