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Following two years of pandemic-related volatility, the Texas real estate market showed signs of stabilization in 2022, according to the 2022 Texas Real Estate Year in Review report released today by Texas Realtors. Consistent growth in sales prices throughout all major MSAs, a smaller range between original list prices and sales prices, and a decline in sales reveal a steadying market trend.

Lower unemployment rates increased per capita income, and continued population growth contributed to a strong seller's market in most areas of Texas. These robust economic conditions favored sellers as the housing supply and prices increased. The number of Texas home sales cooled slightly from 2021 while the median price hit another record-breaking high.

Marcus Phipps, the chairman of Texas Realtors, said that 2022 was a year of encouraging trends and stabilization for Texas real estate, and the economic conditions throughout the state resulted in another year of high demand, while the report data indicates that market dynamics have largely leveled out after the 2020 pandemic.

James P. Gaines, Ph.D., a research economist with the Texas Real Estate Research Center at Texas A&M University, commented that
the federal funds rate is expected to plateau in 2023, influencing mortgage and construction financing rates. Although the Texas economy is robust, we anticipate sales to return to typical levels due to increasing construction and mortgage lending rates. The low months of inventories indicate that supply will still be constrained. Work-from-home arrangements also appear to be set in stone, which lessens one of the factors that influence people's decision to move. This aspect can start to slow down the rate of home sales in Texas.

Read the full article here:
https://www.prnewswire.com/news-releases/texas-housing-market-stabilized-in-2022-after-recovering-from-pandemic-shock-301768385.html

Texas Housing Market Stabilized in 2022 after Recovering from Pandemic Shock /PRNewswire/ -- Following two years of pandemic-related volatility, the Texas real estate market showed signs of stabilization in 2022, according to the 2022...

"Appraisers don't come up with the value; the market comes up with the value. It's the appraiser's job to understand and report what is happening in the market." - Jeff Lagrew, CES' Chief Review Appraiser

Learn more in this video about how appraisers determine the value.

Watch the YouTube video here, or on our website: https://www.youtube.com/watch?v=poVJjS8dZFs&ab_channel=CESValuations

How do appraisers come up with value? Jeff Lagrew, CES' Chief Review Appraiser tells us how appraisers come up with value. CES can help with your Commercial and Residential Appraisals, Evaluation...