July 2024 Texas Housing Market Update

The Texas housing market just hit a brick wall as inventory has skyrocketed to AT LEAST an 8yr HIGH. On top of that, price reductions are surging as well, growing to AT LEAST a 5yr high for mid-July.

In today’s video, I also discuss news regarding the four largest metro areas in Texas: Austin, Houston, Dallas and San Antonio.

Thank you for watching the video! I appreciate you. Please like, share this video and subscribe! See below for links to the reports I covered.

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Compilation of Housing Market Forecast videos:

Here are the sources from today’s video:

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30 yr fixed mortgage rate is around 6.8% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent and mortgage loan originator with Revest Homes in California (DRE 02174879, NMLS 2362319).

For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Equal housing lender.

#Texashousingmarket #AustinTX #TexasRealestate

[eltonvance]

Those people who are looking for a home now mainly care about housing prices. Interest rates are secondary at best.

[themarkandmelteam]

Here we go! Downward trend just starting. We'll see how much the market corrects this winter for sure! Great video!

[compulsiv]

I have a coworker whose sibling wanted to sell a house for triple what she bought it for (70k to 220k) in a big Texas city. She said the house has been taken on and off the market for a year. I told her the price must be too high. She argued on behalf of her sister that buyers have been close to buying but back off when they realize the cost of home insurance for that area. I told her that was a part of the cost of the home and needs to be taken into account when picking a sell price. Crickets.

[jimmierand]

Texan viewer here. I had to giggle a little with the pronunciation of the names of several Texas cities. We don't follow phonetic rules in the Lone Star state.

[Steverz]

Let’s get nerdy, with the spreadsheet king Jason Walter!😂

[jonathantaylor]

RE prices are now just a result of “feedback loops”. Or stated otherwise- home appreciation begets home price appreciation. Until one day, it doesn’t. Feedback loops work in both directions as seen in 2009. Home prices arguable fell below their real value but “feedback loops” don’t care because once they have momentum they take a long to slow down.

[zj]

Great video. Thank Jason! Looks like good news for home buyers who have been waiting on the sidelines 🙏🏼

[movingtokc]

We’re seeing an increase in inventory in Kansas City, but still only 2.1 months of supply

[johnburke]

Not only the higher interest rates and higher cost of the home, most areas increased property taxes, have a MUD tax and PID tax.. The increases in taxes are a huge factor in making a decision to purchase. Interest rates and home prices need to come down.

[Courtney-Alice-Gargani]

Austin housing prices are going down. My dad was telling me that Austin wasn't really affected in the 2008 crash. Not every area was in 2008. TX has high property tax not bad as New Jersey.

[renelopez]

Good morning everyone.
Hope all is well

[mattanderson]

Thank you Jason!
Fantastic analysis as always!

[demetriusbrock]

Homes prices are too high. Its not the interest rate the problem. Nobody want to buy an over priced home

[Lumpia_In_Texas]

Houston is more expensive compared to last year. Prices not going down.

[Frank_Diaz.]

900 forclosures in irving Texas this past month...

[bigyandhal]

Jason Any forecast for Texas winter 2024? how much price will go down by your opinion matter

[Summerdee]

Hello from the Dallas market, specifically the areas you covered last week that are the fastest selling areas in DFW. One thing to note is that 2019 inventory levels were still not keeping up with demand in my area and multiple offers on homes here have been going on since 2014/2015. I sold my former home in early 2015 with multiple offers and the home I purchased later in 2015 had nine other offers besides mine. This market has a ton of pent up demand and people sitting and waiting for interest rate drops. Decent homes are still selling very quickly and I can't imagine what will happen once interest rates drop with all of the people who have moved here in the past decade.

[peterbeagle]

I would like to see what happens after seasonality before anyone gets their hopes up. (Summer is normally when home listing are up). Check back in fall and winter.

[jerad]

I want to sell my house but I will wait for the real estate market to heat up.

[Pragmatistst]

Even if there is a price correction, if big money investors/corporate landlords aren't kept out of the market, you will be competing against them for homes which will keep prices and rents inflated.