COLLEGE STATION ‒ Latest Texas housing numbers show a market so topsy-turvy it was cheaper in May to buy a new Austin home than purchase an existing one. At least on paper.
“Austin’s median price rose almost 40 percent in 19 months,” said Joshua Roberson, the Center’s lead data analyst. “During that time, data suggest it may have been more affordable to buy a new Austin home than hunt for an existing one. The median price for new homes sold through the Austin Multiple Listing Service was $437,000, more than $100,000 less than the price of an existing home in the MLS at that time.”
Starting in January 2021, the state’s median home price set a new record every month before peaking in May at $354,000. That’s a 25 percent increase.
All Texas metros set new price records during that time. Austin ($534,000) and Dallas ($446,000) were the two most expensive for single-family homes. Median prices in San Antonio ($337,000), Houston ($341,000), and Fort Worth ($373,000) increased at a double-digit rate, albeit more slowly.
For details, read the latest edition of the Center’s most-downloaded report, Texas Housing Insight.