(Illustration by The Real Deal with Getty)
The Lone Star State’s blazing housing market cooled dramatically over the past year in the bitter wind of the Federal Reserve’s rate hikes, but some metros caught the chill worse than others.
Austin, long the hottest market in Texas, was especially hard hit. For-sale homes languished on the market nearly 59 percent longer in 2022 than in the year before, According to data from Realtor.com. As a result, inventory has piled up, rising almost 187 percent year-over-year. The median home price dropped by 3.39 percent.
In Dallas, homes stayed on the market for more than 37 percent longer than in 2021, and inventory went up nearly 161 percent. The median home price, however, did tick up by almost 9 percent.
Houston is weathering the storm better than the other major Texas markets. Time on the market went up by only about 11 percent year-over-year, and inventory increased by just under 50 percent.
The inventory increases came despite a sharp slowdown in single-family starts, which were down 34 percent in December 2022 from the end of 2021, according to the Texas A&M Real Estate Research Center.
Overall housing supply has now returned to pre-pandemic levels, the center reported, erasing the market tightness that drove up prices during the Covid-driven boom.
This is one of the hundreds of data sets available on TRD Pro — the one-stop real estate terminal for all the data and market information you need.
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The Lone Star State’s blazing housing market cooled dramatically over the past year in the bitter wind of the Federal Reserve’s rate hikes, but some metros caught the chill worse than others. Austin, long the hottest market in Texas, was especially hard hit. For-sale homes languished on the market nearly 59 percent longer in 2022
The post Texas homes taking longer to sell appeared first on The Real Deal. Uncategorized, Austin, Dallas, Housing Market, TRD Pro The Real Deal
Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.