Texas Home Sales Seasonally Trending Upward
published on May 11, 2023
Texas home sales are trending upward as we move through the second quarter of 2023 but are lower than pre-pandemic sales levels, primarily due to higher interest rates.
Housing demand grew for two consecutive months, with total Texas home sales gaining 7.8 percent and 3.7 percent for the last two respective months, according to a Texas Real Estate Research Center report published in May 2023. This equaled over 2,000 more sales when comparing the two-month trend. This growth was primarily in Dallas and San Antonio, with Dallas sales spiking 17.1 percent. Austin and Houston rebounded more in January and were recently flat in sales.
The report stated, “Texas homeowners’ financials are in good standing.” It cited a foreclosure rate of 0.5 percent, which is in line with the five-year average, and said the number of mortgages past due was down 13 percent.
As far as employment within the state, February was the fastest growing month for labor force level since the start of the pandemic. The labor participation rate expanded to 63.7 percent. However, this jump in the participation rate resulted in an uptick in unemployment to four percent. All four major Texas metros experienced employment growth, with Houston and Dallas-Fort Worth leading the way.
While Austin has had a faster growing employment index than the other Texas metros since the pandemic, its increase in February was much less than the other metros, with only 2,500 new employees. Houston gained 29,200 employees and Dallas-Fort Worth gained 18,500 employees. San Antonio, with the smallest overall employment levels, gained 10,500 new employees. In the state, the leisure and hospitality sector gained the most jobs. Construction had strong numbers, also, with 7,000 new employees and an uptick in average hourly earnings.
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