November 2024 Market Update

Comparing the housing data for the 4 major Texas markets (Austin, Dallas, Houston, and San Antonio) for the last 15 months through November is painting an overall picture of elevated inventories due to housing affordability being negatively impacted by the recent rise in 30-year mortgage rates.

This month, we have introduced some NEW GRAPHS ON THE LAST PAGE that compare each market’s results to each other. We continue to provide detailed information on each market for a deeper dive. We hope you find this information useful in your real estate endeavors.

The continuing theme of the overall market is longer days on the market, higher months of inventory, and moderate to lower price per square foot over the last 15 months. The 30-year mortgage rate has reversed its recent downward trajectory to an upswing in the last 60 days, as rates have risen from September’s rate of 6.18% to November’s rate of 6.80%.

One interesting dichotomy of the four markets over the last 15 months, is that the price per square foot is trending down in the Austin and San Antonio markets, while Houston and Dallas have trended upwards.

Source of data: Texas A&M Real Estate Research Center