Texas remained a relatively healthy home sales market, with buyers and sellers still participating despite broader housing-market slowdowns seen in other markets recently.
An analyst said high mortgage borrowing costs remained a major drag on housing activity, even as Texas held up better than many markets.
The same analyst said many sellers kept ambitious asking prices and often removed listings instead of cutting prices to better match current buyer demand.
Texas homes were described as reaching record prices near $441K, creating affordability pressure for younger buyers and adding tension between seller expectations and market realities.
The analyst added Texas may need mortgage rates closer to ~4% from the current mid-6% range before a stronger next phase emerges.
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