They say everything is bigger in Texas — and apparently that includes the growth in housing inventory.
While homes for sale are growing across the country, the scale in Texas is staggering. According to the second quarter report of 2024 texas real estate agents, The number of active listings from April to June this year increased by 40.8% compared with the same period last year.
Months of supply, a measure of how many months the current supply will take to run out based on the pace of sales, also increased. It increased from 3.1 months in the second quarter of 2023 to 4.6 months in the second quarter of 2024, helping the state reach its highest supply in at least eight years.
Despite the increase in supply, the statewide median home price was nearly flat, rising 0.6% year over year to $345,000. Compared with the second quarter of 2023, sales fell 3% to 93,417 units.
“Interest rates are a big part of the problem,” Texas REALTORS President Jeff Conn said in a statement. “With interest rates currently high, some buyers are taking a wait-and-see approach in hopes that interest rates or home prices will fall.”
The trend differs across Texas’ major metropolitan areas. In Dallas, active listings increased 44.7%, with months of supply reaching 3.8. Inventory in Houston increased by 42.5%, and the number of months of supply increased to 4.2. Listings in San Antonio surged 43.4%, with months of supply reaching 5.2 months.
Austin’s active listings are growing more modestly, with an annualized rate of 29.5% as of the end of the second quarter of 2024, and a supply of 4.8 months. , while real estate markets elsewhere have been cooling.
South Texas and Gulf Coast cities saw increases in months of supply compared to the rest of Texas, led by Beaumont (5.2), Brownsville (7.2), Corpus Christi (7.1) and McAllen (6.8 ) exceeded the statewide figures.
Markets in more remote areas, particularly in West Texas, are significantly different from the rest of Texas. Median price increases were in Odessa (11.7%), Abilene (11.2%), San Angelo (8.4%) and Midland (6%). Odessa’s supply grew at a relatively modest 14.8%, with months of supply reaching 2.1.
