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Texas Real Estate Continues to Grow

published on April 23, 2024

Texas home sales, home prices, and new construction starts and permits continue to increase despite headwinds from interest rates, according to Texas Housing Insight by the Texas Real Estate Research Center.

In the latest report, home sales in Texas increased 3.6 percent month over month, with 29,999 more homes sales. Of Texas’ big cities, San Antonio had the largest increase in home sales with an 11.8 percent increase in February 2024 compared to January 2024. Dallas experienced an 8.7 percent increase.

Inventory also increased. Dallas had a surge in new listings of 25.7 percent, while Austin had a similar surge with 23 percent. Houston listings increased 17 percent to create “the highest number of new listings in Houston in a decade.” San Antonio had the only drop among the metros, with a 1.8 percent decrease.

Single-family construction permits increased 2.9 percent month over month for the state. Houston had a boom in permits with a 31.6 percent increase. Dallas and San Antonio were up 7.7 percent and 4.7 percent, respectively. Austin had a decrease in new home permits, with permits declining 7.9 percent month over month.

Single-family starts were up 31 percent month over month for the state. Houston starts increased 56 percent, and Dallas starts increased 41.59 percent. San Antonio starts increased 3.3 percent, while Austin starts decreased 2.4 percent. The statewide value of these starts rose from $3.97 billion in February 2023 to $5.79 billion in February 2024. A little over a third of the value is from the Houston area.

Median home prices were stable statewide, with no metro swinging up or down by more than one percentile. The median price was $341,000, with over half of home sales falling into the $200,000 to $400,000 range.

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