June ‘24 Market Update

Back by Popular Demand 😊. We are resuming the practice of providing relevant real estate market information aggregated by Texas A&M Real Estate Research Center from the various Multiple Listing Services within the state of Texas. From their reports, we garner certain information from the 4 major metropolitan areas (Austin, Dallas, Houston, San Antonio) relevant to the overall real estate market conditions. Presented below are the last 15 months of data, and some graphs, for each of these markets.

In summary, looking at the totality of the 4 markets, active listings have steadily increased since December 2023 to new highs each month ending in June…indicating a sluggish market and raising the average days to sell a property to 87 days (almost 3 months) and all 4 markets have the highest months of inventory for the past 15 months. Just as notable is the overall average price per square foot declined in June as compared to May, as well as the number of units sold. One month doesn’t make a trend, but it is in peak selling season and prices & units are softening…something to watch going forward. We believe when mortgage rates make significant downward moves of at least 50 basis points and approach 6%, the real estate market is poised to stabilize and potentially gain traction again. It has been a weird market over the last 2 years and unpredictable, to say the least!