San Angelo Sees Significant Increase in Home Availability

AUSTIN, TX — San Angelo’s housing market is experiencing a notable increase in home availability, with active listings up 8.4% in the second quarter of this year — one of the largest increases in the state — according to the Texas Quarterly Housing Report released Friday by Texas Realtors.

Statewide, Texas homebuyers have 41% more homes to choose from compared to the same period last year, with active listings reaching 125,398.

Despite the increased inventory, the statewide median price edged up 0.6% to $345,000, while home sales dipped 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 more homes for sale, some sellers are holding out for the higher prices seen 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 Increase Moderately Across Most Texas Markets

The median price increased in 22 metropolitan areas and decreased in four. The largest price hikes were in Odessa (11.7%), Abilene (11.2%), San Angelo (8.4%), and Midland (6%). Conversely, Austin-Round Rock-San Marcos (-3.2%), Lubbock (-4.1%), San Antonio (-1.3%), and Texarkana (-2.5%) saw moderate declines.

More Listings Push Months of Inventory Higher

The months of inventory, which measures how long it would take to sell the current homes on the market at the current sales pace, rose to 4.6 months in Q2 this year, up from 3.1 months at the same time last year. This marks the highest months-of-inventory figure in at least eight years. Odessa was the only market where months of inventory declined and the only area in Texas to see a decrease in listings compared to last year.

Statewide, homes spent the same number of days on the market as in the second quarter of 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.”