Daily Archives: July 22, 2024

Texas Realtors Second-Quarter Housing Report Shows More Housing Availability

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According to the report, Texas homebuyers have 41% more homes to choose from than this time last year

Austin, TX – July 19, 2024 (PRNewswire) Active listings of Texas homes for sale reached 125,398 in the second quarter this year, up nearly 41% compared to the same time a year ago, according to the Texas Quarterly Housing Report released today by Texas Realtors. Meanwhile, the statewide median price of $345,000 was 0.6% higher than in Q2 2023. The number of homes sold went down 3% to 93,417.

“Interest rates are a big part of the story,” said Jef Conn, chairman of Texas Realtors. “With today’s higher rates, some buyers are sitting on the sidelines and hoping rates or home prices come down.”

Conn also noted that, even in markets with an increased supply of homes for sale, some sellers are holding out for the higher prices they saw during the pandemic. “Homeowners who want to sell quickly will want to make sure their home is in good condition and priced competitively,” he said.

Median Prices Increased Moderately in Most Texas Markets

  • Median price went up in 22 metros and down in four.
  • The biggest increases in median prices were in Odessa (11.7%), Abilene (11.2%), San Angelo (8.4%), and Midland (6%).
  • The four metros with median price decreases experienced moderate declines: Austin-Round Rock-San Marcos (-3.2%), Lubbock (-4.1%), San Antonio (-1.3%), and Texarkana (-2.5%).

More Listings Pushed Months of Inventory Higher

Months of inventory, a statistic that measures how long it would take to sell the homes currently on the market at the current pace of sales, increased from 3.1 months at the end of the second quarter last year to 4.6 months in Q2 this year. That marks the highest months-of-inventory number in at least eight years. Odessa was the only market where months of inventory declined and the only Texas area to register a decrease in listings compared to a year ago.

Statewide, homes spent the same number of days on the market compared to the second quarter last year. However, days on market increased in 20 metro areas and decreased in six.

“While it’s important to consider current market conditions, even the best economists don’t have a crystal ball for future mortgage rates and home prices,” Conn said. “So, while it may be tempting to wait for rates to fall or prices to rise or drop to some level, the most important factor for buyers and sellers is their own situation. When you’re clear about your real estate goal, a Realtor can help guide you through the important decisions to get you there.”

About the Texas Real Estate Year in Review Report

Data for the Texas Quarterly Housing Report is provided by the Data Relevance Project, a partnership among local Realtor associations and their MLSs, and Texas REALTORS®, with analysis by the Texas Real Estate Research Center. The report provides quarterly real estate sales data from a statewide perspective and for 26 metropolitan statistical areas in Texas. To view the report in its entirety, visit texasrealestate.com.

About Texas REALTORS®

With more than 150,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocate for REALTORS® and private property rights in Texas.

Media Contact: Desmond Davis, desmond.davis@hahn.agency

SOURCE Texas Realtors

Annual Foreign Investment in U.S. Existing Homes Sales Decreased 21.2% to $42 Billion

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Number of existing homes bought by international buyers declined to 54,300 — the fewest since NAR began measuring in 2009

Key Highlights

  • International buyers purchased $42 billion worth of U.S. residential properties from April 2023 to March 2024, down 21.2% from the prior year. The 54,300 existing homes sold – the lowest since NAR began tracking in 2009 – slid 36% from the previous year.
  • The average ($780,300) and median ($475,000) purchase prices for foreign buyers were the highest ever recorded by NAR.
  • Canada, China, Mexico and India were the top countries of origin by number of U.S. existing homes purchased. The top U.S. destinations for foreign buyers were Florida (20%), Texas (13%), California (11%), Arizona (5%), Georgia, New Jersey, New York and North Carolina (4% each).

Washington, D.C. – July 17, 2024 (nar.realtor) Foreign buyers purchased $42 billion worth of U.S. existing homes from April 2023 through March 2024, retreating 21.2% from the prior 12-month period, according to a new report from the National Association of Realtors®. International buyers purchased 54,300 properties, down 36% from the previous year and the fewest number of homes bought since 2009 when NAR began tracking this data. Overall, U.S. existing-home sales totaled 4.09 million in 2023, down 18.7% from 2022, and the lowest level since 1995.

“The strong U.S. dollar makes international travel cheaper for Americans but makes U.S. homes much more expensive for foreigners,” said NAR Chief Economist Lawrence Yun. “Therefore, it’s not surprising to see a pullback in U.S. home sales from foreign buyers.”

NAR’s 2024 International Transactions in U.S. Residential Real Estate report surveyed members about transactions with international clients who purchased and sold U.S. residential property from April 2023 through March 2024. Foreign buyers who resided in the U.S. as recent immigrants or who were holding visas that allowed them to live in the U.S. purchased $22.6 billion worth of U.S. existing homes, a 3.4% decline from the previous year and representing 54% of the dollar volume of purchases. Foreign buyers who lived abroad purchased $19.4 billion worth of existing homes, down 35% from the 12 months prior and accounting for 46% of the dollar volume. International buyers accounted for 2% of the $2.1 trillion in total U.S. existing-home sales during that period.

“Historically low housing inventory and escalating prices remain significant factors in constraining home sales for American and international buyers alike,” Yun added.

The average ($780,300) and median ($475,000) existing-home sales prices among international buyers were the highest ever recorded by NAR – and 21.9% and 19.8% higher, respectively, than the prior year. The increase in prices for foreign buyers reflected the overall price increase for all U.S. existing homes, which climbed to $392,600. At $1.3 million, Chinese buyers had the highest average purchase price, with 25% purchasing property in California. In total, 18% of international buyers purchased properties worth more than $1 million from April 2023 to March 2024.

Canada led all countries of origin in the share of foreign buyer purchases of U.S. existing homes at 13%, followed by China and Mexico (11% each), and India (10%). China was first in U.S. residential sales dollar volume at $7.5 billion, continuing a trend going back to 2013. Canada ($5.9 billion), India ($4.1 billion), Mexico ($2.8 billion) and Colombia ($0.7 billion) rounded out the top five.

For the 16th consecutive year, Florida remained the top destination for foreign buyers, accounting for 20% of all international purchases. Texas (13%) and California (11%) were second and third, respectively, followed by Arizona (5%), Georgia, New Jersey, New York and North Carolina (4% each).

All-cash sales accounted for half of international buyer transactions compared to 28% of all existing-home buyers. Non-resident foreign buyers (68%) were more likely to make an all-cash purchase than resident foreign buyers (36%). More than two-thirds of Canadian (69%) and Chinese (68%) buyers made all-cash purchases, the highest shares among the top foreign buyer nations.

“Fostering economic investment in culturally dynamic communities, businesses, and industries is a top priority for NAR,” said Alex Escudero, NAR’s director of global strategy. “Our work provides members and their communities with tools, resources and data to identify and highlight international investment opportunities in U.S. real estate. This supports local communities to drive economic development in markets across the country. NAR and the Realtor® brand have developed a network of more than 8,000 international Realtor® members outside of the USA and expanded our global footprint to more than 100 real estate organizations across 78 countries, providing growth opportunities by ensuring ethical and accessible markets that allow our members to make direct connections with global-minded real estate professionals and international investors.”

NAR will host its “Unlocking Global Opportunities” webinar on Wednesday, July 31, at 1 p.m. Eastern, where experts will discuss the findings of this year’s report, and Realtors® will share their personal experiences with international investment and how it has expanded their business. The webinar is open to the public and interested parties can register here(link is external).

View the full 2024 International Transactions in U.S. Residential Real Estate report at: nar.realtor/research-and-statistics/research-reports/international-transactions-in-u-s-residential-real-estate.

The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.

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