Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Real Estate

Texas housing market suffers from lack of inventory

Austin sees a 7.7% drop in number of homes sold

Housing inventory in Texas has hit a 3.5 year low. Housing sales also dropped 2.1% year over year in May, while softer demand drove the average days on market to 61.

Texas’ inventory of homes in the $300,000 price range fell to an all-time low of 2.4 months, according to the Real Estate Center at Texas A&M University’s latest Texas Housing Insight report.

Active listings in May fell the most in Central Texas, after increasing for two months, the report said.

Specifically, Austin, Texas’ inventory fell to 1.9 months; San Antonio’s fell to three months; Dallas’ fell to 2.6; Fort Worth’s fell to 2.4; and Houston’s fell to 3.4 months, which is slightly above the state’s average, the report said.

“Unless a buyer is looking for a luxury home, there are fewer to choose from,” according to Dr. Jim Gaines, chief economist for the Real Estate Center at Texas A&M University. “Texas’ months of inventory fell to a historic 3.2 months in May as the state’s supply of active listings plummeted to its lowest level in three-and-a-half years.”

Closings on luxury homes, or homes priced more than $500,000, also fell. However, the supply of unsold homes in the higher price range increased for the first time this year, the report said.

The supply of luxury homes in Texas now sits at 7.6 months.

Housing starts in total fell 30.1%, hitting a six-year low, the report said. Multifamily was particularly weakened.

Home sales declined the most in Austin at 7.7%, while Houston actually saw home sales rise by 1.9%.

“This disparity exemplifies the shortage of affordable housing during a time when the rocky economic atmosphere may make lower-priced homes look more financially feasible to the potential homebuyer,” Gaines said.

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