july ‘24 Market Update

Continuing with our monthly reporting on real estate market information, aggregated by Texas A&M Real Estate Research Center, please see this month’s market update and related graphs. Presented are the last 15 months of selected housing data for Texas’ 4 major metropolitan markets of Austin, Dallas, Houston, and San Antonio.

The recently released July 2024 figures look very similar to last month’s figures overall. Active listings continue to rise and continued new highs of inventory supply. For the first time in a long time, all 4 markets have supply of inventory of at least 4 months. Dallas has 4 months supply, while San Antonio has the highest supply at 5.3 months. Monthly inventory supply is defined by how many months it would take to sell all the current inventory at the current sales pace, should no other homes be listed. Relatedly, the number of listings (available properties for sale) have increased to new highs once again. These two data points are very interrelated.

Having higher inventories and increased active listings going into the seasonally slower sales months, we believe there will be pressure on home prices and buyers may have the upper hand in the near term. Through hearsay, it appears there are fewer potential buyers in the market over the last 30 days looking at housing. Both Home Depot & Lowes have recently reported a decline in their same store sales figures, indicating a sluggish housing consumer. A silver lining is that mortgage rates have recently started declining and hopefully this will continue trending downward.