Find Out What Is Happening in the Texas Housing Market?

There are more homes for sale in Texas now than at any point in the past 14 years, according to recent data, indicating that the Lone Star State’s housing market has strongly shifted in favor of buyers.

For locals saw the state’s supply of for-sale homes quickly shrink during the pandemic while prices skyrocketed, the current inventory glut is a welcome change which promises to finally bring down the cost of home-buying.

What Is Happening in the Texas Housing Market?

The supply of homes for sale in the Texas market had plunged in the aftermath of the pandemic, when historically low mortgage rates sparked a home-buying frenzy in the country and especially in the state, which was particularly appealing to remote workers for its low tax environment, good weather, and relative affordability.

But inventory has grown in the last couple of years thanks to a construction boom in the state, as local developers tried to catch the wave of higher demand. Much of this new inventory, however, landed on the market when some of the conditions that have fueled the explosion in home-buying in the state—low mortgage rates and increased domestic migration—had vanished.

Source: NewsWeek full report