Texas housing markets are facing challenges as an increase in supply is not met with matching demand, leading to price declines. Current data indicates that homes are selling below asking prices across major cities. Rising mortgage rates, driven by tariff-related economic concerns, have eroded consumer sentiment further. The Consumer Sentiment Index reflects pessimism regarding inflation, and both buyers and sellers are reacting cautiously, affecting home sales. This trend, noted across all major Texas markets, suggests that the housing slowdown could be prolonged, particularly if economic conditions remain unstable.
In Texas, single-family homes are selling for less than asking prices, with San Antonio at 10.5% below, Dallas at 10.1%, and Houston at 4.4%.
The rise in mortgage rates from 6.69% to 6.98% coincides with market uncertainty surrounding tariffs, impacting buyer sentiment significantly.
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