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As summer temperatures soared to record highs in June, Houston's sizzling housing market began a long-anticipated cooldown. Home sales experienced their first significant decline of 2022, reflecting a perfect storm that had been brewing for months: the combination of diminished inventory, record-high prices and, more recently, rising interest rates on top of a climate of growing inflation. However, the sales slowdown and a steady supply of new listings helped boost inventory to a 2.0-months supply the most plentiful supply of homes since November 2020.
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A continued lack of homes priced below $250,000 left consumers no choice but to weigh more expensive property options, shift their focus to rental homes or postpone any plans to buy or rent. [HAR's Monthly Rental Home Update for June will be released next Wednesday, July 20]. Some relief came after the June home sales numbers were tallied. During the first week of July, mortgage rates finally reversed course, with Freddie Mac reporting that the average interest rate on a 30-year fixed-rate loan fell from 5.7 to 5.3 percent the biggest decline since 2008.
However, an average rate of 5.3 percent is well above the average rate of 2.67% on 30-year fixed-rate loans that prevailed in December 2020. It is still higher than rates have been over the course of most of the past decade.
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For the third consecutive month, the 'Close to Original List Price Ratio' for single-family homes surpassed the 100 percent mark, rising to 100.1 percent in June. That means that a majority of buyers paid above list price for homes on the market. The ratio first broke the 100 percent mark last summer, as high-dollar buying became prevalent throughout the market. The ratio was up 100.9 percent last month the highest ever.
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"These numbers are a breath of fresh air for a housing market that has been holding its breath," Cord Shiflet, 2022 ABoR president, said. "The trajectory of our market over the last two years was unsustainable and it was in no way going to last. The resurgence of activity after the COVID-19 pandemic, historically low interest rates and massive job growth created record-high housing demand in our market. We are now seeing a move more towards pre-pandemic sales activity and inventory.
"The Austin market is by no means balanced and it still favors sellers, but buyers have more bargaining power now than at any point since before the pandemic. Homes still closed at over 100% of the list price on average last month, but REALTORS have started seeing lower list prices and therefore sale prices, over the last few weeks."
San Antonio Area:Quote:
Home sales in Bexar County saw a decrease of 10.3 percent in June 2022. In total, 2,560 homes were sold in the area. 101.2 percent of homes were sold for list price and the price per square foot increased to $180. The average home price for the area increased 16.9 percent to $374,455 and the median price increased 18.2 percent to $325,000. Other major counties in the state also reported an increase in median home prices. Travis County is sitting at $649,863, Harris Co. at $343,000, and Dallas Co. at $400,000 in median home prices.
AW 1880 said:
Thanks for providing. Any info on Tyler or East Texas?
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"Single-family rentals continued to attract most of the consumers that have pulled out of the sale market, so our Realtor members that specialize in those properties had a very busy June," said HAR Chair Jennifer Wauhob with Better Homes and Gardens Real Estate Gary Greene. "New listings of single-family and townhome/condo rentals rose significantly in June, meaning there are plenty of properties available to those still looking."
