Texas Housing Insight
July 2022 Summary
Aggressive central bank policy continues to drag down the housing market, stalling the previously hot streak of housing sales. The housing sector continues to show signs of easing as housing inventories recover and home prices depreciate. Amid a statewide retreat in construction permits, the elevated demand for construction suggests many prospective homebuyers might be putting off their big-item purchases. Sales of homes below $300,000, an attractive market for first-time buyers and younger households, diminished more than sales of higher-priced homes.
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
Texas A&M Data Series Descriptions
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.
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
July 2022 Summary
NonFarm Employment Up 0.54% MOM
Unemployment Rate Down 4.0%
Job Hires Down 12.35% MOM
Goods Producing Jobs Up 12,800
Service Providing Jobs Up 60,000
- Texas added 72,800 jobs in July, an almost 0.54 percent increase over June. Over the same period, Texas job growth exceeded the national growth rate by 19 basis points. For the time being, the Texas job market is still growing at an increasing rate, whereas the U.S. is growing at a diminishing rate.
- In July, the state’s unemployment rate improved to 4 percent. While that’s still higher than the nation’s rate of 3.5 percent, the national rate appears to have bottomed out while Texas is still dropping despite aggressive central bank intervention to tackle high inflation.
- The states’ labor force expanded by almost 28,000, a slower pace than in both May and June. The national labor force shrank by 63,000.
- July job-opening data signaled job creation may have peaked in April. The June count of job openings was 988,000, better than May but 14,000 openings below April. Despite a slowdown in momentum, the mismatch between employment and job-opening growth still contributes to the current rapid wage rate growth.
- New job hires dropped by 80,000 in July, the largest one-month fall since January of this year. Separations, layoffs, and quits essentially leveled out. While overall nonfarm employment is still growing, the gradual drop in job openings and hires may soon influence the job market.
- The state’s goods-producing sector added 12,800 jobs in July, roughly equivalent to June. This month, mining and logging added the most jobs at 6,300. Construction employment rebounded, adding 3,100 jobs after losing jobs in June.
- The state’s service-providing sector added almost 60,000 jobs in July. Top job sectors included professional and business services (+12,700), trade and transportation (+12,500), and leisure and hospitality (+10,400).
Previous reports available: