AUSTIN – The median price of homes sold in Texas in the second quarter decreased 3.1 percent from a year ago, according to the Texas Realtors’ 2Q2023 housing report.
During that time, the number of closed sales also decreased, while the number of homes available for sale increased.
“While the statewide median price eased down, median prices are actually up in about half of Texas markets,” said Texas Realtors Chairman Marcus Phipps. “Despite that variation, the average number of days that homes spent on the market was up in every metro area, and the number of homes available increased in nearly every metro as well.”
The median sales price decreased to $345,000 from 2Q2022’s $357,388.
Texas homes spent an average of 87 days on the market before closing in the second quarter, which is 20 days longer than a year ago.
The price distribution of properties sold in the second quarter shows a slight decrease in high-end homes as a percentage of total sales.
Homes that sold for at least $750,000 made up nearly 10 percent of homes sold in the second quarter last year, while that price range accounted for 8.7 percent of sales in the same period this year. Half of properties sold in the second quarter this year were in the $200,000 to $399,999 price range, up from 45.8 percent of all sales a year ago.
Months of inventory—or how long it would take to sell all homes on the market at the current pace of sales—increased from 2 to 3.2 months from the same period last year.
Read more about the state’s housing market in the Texas Real Estate Research Center’s latest Texas Housing Insight report.