Posted 3/13/2024, 4:16:31 PM
Texas Home Sales Drop 11% to 2016 Lows While Inventory Rises
- Home sales in Texas fell 11% in 2023 to the lowest level since 2016, with 327,921 total sales
- Median home price dipped just 1.4% to $335,100 statewide, but dropped over 10% in Austin metro area
- Active listings jumped 35.6% to 89,005, while average days on market rose to 55
- Prices rose modestly in some metro areas like El Paso (7.6%) and McAllen (6.8%)
- Pent-up buyer demand expected to pick up in 2023 amid lower prices but still-high mortgage rates