Laredo home sales decrease in 2nd quarter as prices rise

Across the state, home sales also decreased by around 5.6% when compared to the same quarter last year, to 108,390 single-family home sales. Just like in the city, the median price increased 19.1% to $357,388 statewide. 

Despite these figures, the head of Texas Realtors said the housing market is still doing fine as many people are seeking a home to buy throughout the state, including Laredo. 

“Although home sales slightly declined, the demand for buying a Texas home was still impressive with more than 100,000 homes sold during the second quarter of 2022,” said Russell Berry, chairman of Texas Realtors. “Housing inventory levels are finally on the rise in many areas of the state — something we haven’t seen for several years — but home prices continue to rise.”

One state academic and economist also supported the idea that despite the figures, the state’s housing market is still doing well and is strong. The economist even argues the figures could be indicative of the market moving into the pre-pandemic territory. 

“The rapidly rising interest rates, increases in home price and tight housing inventory had a slowing effect on home sales in the second quarter of the year, but the Texas housing market is still strong,” said Jim Gaines, Ph.D., research economist with the Texas Real Estate Research Center at Texas A&M University. “The data could indicate signs of a transition period for the Texas real estate market. If inventory continues to steadily increase and home sales price appreciation begins to slow, we could be moving toward a pre-pandemic environment.”

Texas Realtors also said that the housing supply in Texas increased 0.8 months in the second quarter of 2022 to 2.1 months of inventory. It adds that “this is the first time inventory has increased year-over-year since the third quarter of 2019, and the first time it has been above two months of inventory since the third quarter of 2020.”

Additionally, homes reportedly were on the market an average of 27 days, which Texas Realtors said was five days fewer than the second quarter of 2021.