Housing Market Reports
Stay in the loop. MetroTex provides current and relevant monthly and annual market reports with the support of the Texas Real Estate Research Center at Texas A&M University.
Texas A&M Housing statistics are based on listing data from over 50 MLS (Multiple Listing Service) systems in Texas. Statistics for each geography were calculated based on listings of properties physically located within the mapped area presented with the statistics.
Texas Housing Insight
March 2022 Summary
Texas Housing Starts – Up 1.7% QOQ
Months Inventory – Down 1.1 Months
Total Housing Sales – Up 3.4 QOQ
Median Home Price – Up $337,000
Total Texas housing sales continued to grow, increasing by 3.4 percent in the first quarter. Sales were concentrated on homes priced over $300,000. The constrained inventory in the lower-priced cohort pushed the median housing prices to a record-breaking level. Despite rising mortgage rates, housing market demand remains robust, driven largely by demographics. As building material costs (notably for lumber) continued to increase, so did housing starts.
Texas’ median home price rose for the 15th consecutive month, increasing 4.9 percent QOQ to a record-breaking $335,000 in March. The ongoing compositional sales shift toward higher-priced homes contributed to a higher median price. The growing share of higher-priced homes in Austin has increased the median price of homes sold to a new high of $520,000, up 8.9 percent QOQ. The Dallas metric ($416,000) gained 7.4 percent, while the quarterly price growth in Fort Worth ($352,000) elevated 5.9 percent. Houston’s ($330,000) and San Antonio’s ($322,000) metrics rose 4.8 and 4.1 percent, respectively.
The Texas Repeat Sales Home Price Index accounts for compositional price effects and corroborated substantial home-price appreciation as the index hovered near a series maximum, gaining 20 percent YOY. Austin led price growth with almost 30 percent YOY growth. Despite its elevated growth rate, the pace has gradually slowed closer to levels observed in the other major Texas metros. Annual home-price appreciation is at 28 and 25 percent in Dallas and Fort Worth, respectively. San Antonio posted a 20 percent annual hike followed by Houston with 15 percent growth. Rapid price growth outpaced wage gains, adding additional pressure to housing affordability.
Housing Reports
North Texas
The number of active listings in Texas rose 26.2% year-over-year in May, with 53,764 homes on the market. But the median home price also grew 20.6% year-over-year to $362,200.
2022 Reports
Stay in the loop. MetroTex provides current and relevant monthly and annual data reports with the support of the Texas Real Estate Research Center at Texas A&M University.
*Note, NTREIS no longer provides boundary data for MLS defined areas, therefore that section of the report has been removed
PREVIOUS REPORTS
January 2022 Texas A&M Housing Market Report
February 2022 Texas A&M Housing Market Report
Texas A&M Data Series Descriptions
Housing Activity
Data Series Description
Housing statistics are based on listing data from over 50 MLS (Multiple Listing Service) systems in Texas. Statistics for each geography were calculated based on listings of properties physically located within the mapped area presented with the statistics.
Geographic Definitions
Metropolitan Statistical Area (MSA): Based on the multi-county area specified by The Office of Management & Budget in 2013.
Local Market Area (LMA): An area defined by the local Association/Board of REALTORS representing a logical market of homes that can be grouped together for meaningful statistical reporting.
Getting More Detail
For more detailed statistics about local areas, existing vs. new homes and breakout by property type, contact your local REALTOR® association. Click here for a list of contacts.
Data Release Dates
Statistics for geographies outside of the Houston metro area will be released on/near the 20th calendar day after month end. Statistics for the Houston metro area will be released on/near the 40th calendar day after month end.
Texas A&M Employment Report
March 2022 Summary
Non Farm Employment Up 0.23% MOM
Unemployment Rate Up 4.4%
Trade & Transportation Down 0.01% MOM
Professional & Business Services Down 0.15% MOM
Labor Force Participation Unchanged 63.4%
- Texas added over 30,000 jobs in March, an almost 0.23 percentage point increase over February. Over the same period, Texas trailed the national growth rate by 6 basis points.
- Texas has one of only a handful of state economies that has recovered jobs lost during the pandemic. The Texas economy has been exceeding the March 2020 pre-pandemic employment level since November 2021.
- In March, the state’s unemployment rate improved to 4.4 percent. While that’s still higher than the national unemployment rate of 3.6 percent, Texas’ labor force has been much more robust throughout the pandemic. Both are still above the pre-pandemic rates of 3.5 percent.
- The states’ labor force expanded by almost 41,000 for the second month in a row ending in March. The 0.28 percent growth rate in Texas for both February and March was higher than the 0.19 and 0.25 percent increases posted nationally over the same period.
- The most recent job-opening data from the Bureau of Labor Statistics signaled a slowdown in job creation. The February count of job openings was 932,000, which is still well above the pre-pandemic level by a margin of over 300,000 jobs. Despite a slowdown in momentum, the mismatches between employment and job-opening growth still contributes to the current rapid wage rate growth.
- Childcare, the lingering pandemic, early retirement, and the possibility people are rethinking their career paths could be affecting the transition from unemployment to employment.
- The March Texas labor force participation rate remained at 63.4 percent and is still higher than the national rate of 62.4 percent. Labor force participation has been higher in Texas since May 2020 but began to falter in July 2021, likely because of the rampup of Delta variant cases. March 2022 is still below the June 2021 post-COVID peak of 63.5 percent.
- The state’s goods-producing sector added almost 14,700 jobs in March 2022. Manufacturing employment led the pack with an additional 5,600 employees followed by mining/logging (4,700) and construction (4,400).
- The state’s service-providing sector added a little over 15,400 jobs in March, well below the jobs gained the prior two months. Unlike in the previous month, both trade, transportation, and utilities (-300) and professional and business services (-3,000) pushed down the job growth rate. Retail job brought down the former while administrative jobs dragged down the latter. Both could be due to lingering uncertainty brought on by the Omicron COVID variant.
- Industry sectors that still haven’t recovered from the pandemic include educational and health services (1,400 jobs below pre-pandemic levels) and leisure and hospitality (13,400 fewer jobs). In the former, education services has actually recovered while healthcare has not.
Previous reports available:
2022: January, March, April
2021: January, February, March, April, May, June, July, August, September, October, November, December