Housing supply is outpacing demand in Texas’ major metros, pushing inventory to heights not seen since the market stabilized after the Great Recession.
Texas had 5.5 months inventory last month, up from 4.7 a year before, indicating an increasing supply of homes for sale relative to demand, according to the Texas Real Estate Research Center.
Months of inventory statewide this year is trailing 2012, the last year to exceed 6 months of inventory, when the effects of the Great Recession were on the wane.
In Dallas, Houston and Austin, though, inventory is surpassing 2012 levels.
In the Dallas-Plano-Irving submarket, the inventory rate crossed over the 2012 trendline this summer, and the gap has widened since then. The northeastern Metroplex had 4.8 months of inventory last month, up from four months in September 2024 and 4.2 in September 2012.
Houston, one of the most well-supplied housing markets in the country, also surpassed 2012 inventory levels this summer. Last month, Houston-Pasadena-The Woodlands had 5.4 months of inventory, up from 4.8 in 2012 and 4.1 last year.
Austin has flown higher than any other metro in the Texas Triangle above the decline of 2012. The Austin-Round Rock-San Marcos area had 5.4 months of inventory in September, almost two months more than 2012.
In other words, homes are piling up faster in these Sun Belt boomtowns than in other areas of the state.
San Antonio and Fort Worth are the only metros in the Texas Triangle where inventory still lags 2012 levels.
The San Antonio-New Braunfels area had 5.8 months of inventory last month, up from 5.1 last year but below 6.1 in 2012. The Fort Worth-Arlington-Grapevine area had 4.2 months of inventory in September, representing an increase of 0.2 months since last year but a decrease of 0.6 months compared to 2012.
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