Texas Housing Insight
January 2022 Summary
Texas Housing Starts – Up 2.1% MOM
Months Inventory – Down 1.4 Months
Housing Sales – Up 8.2%
Days on Market – Up 33 days
TX Home Price Index – Up 19.6% YOY
Texas housing sales continued to rise in January, compounding gains despite ongoing supply constraints. The months of inventory (MOI) slid to 1.4 months, putting downward pressure on the market. Single-family permits, however, increased, and housing starts continued to rise despite steep price hikes in lumber and other building inputs. Finding homes priced below $300,000 remained a great challenge to many Texans as inventory cannot keep up with booming demand. Sales have remained strong despite ongoing inventory limitations, particularly among lower priced cohorts. The state’s diverse and expanding economy, favorable business policies, and steady population growth still support a favorable outlook.
The median home price in Collin County skyrocketed to a record-setting $550,000 in April — up 32.7% from a year earlier.
Active listings in Dallas County were down 31.2% year-over-year in April — a milder decline than the 39% decline in March and 44.8% in February.
Stay in the loop. MetroTex provides current and relevant monthly and annual data reports with the support of the Real Estate 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
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.
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