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The Upper Valley metro is seeing little growth in home sales in 2023 with increasing prices and mortgage rates still discouraging many buyers.
The latest housing report from the Texas Real Estate Research Center for the McAllen-Edinburg-Mission metro shows home transactions up just 1.1% for 275 transactions at this point in 2023, compared to 272 in 2022.
Nationally, home sales were down 7.3% compared with November last year, and are down 19.3% through the first 11 months of 2023 compared with the same period last year.
Prices in the McAllen metro area are up 13.5% according to the data provided by Texas Realtors. The average sales price is up year-over-year to $260,059 from $229,119 in 2022. The median price rose 11.35% from $215,500 to $239,950, while the media price per square foot also rose from $129.97 to $147.37, the report noted.
Inventory of homes on the McAllen-Edinburg-Mission market is up from 3.9 to 6.0 months supply, with days to sell up from 82 to 101.
The local economy continues to show strength with job growth continuing. November MSA jobs increased from 298,000 to 308,100, according to Texas Workforce Commission data. This is a 3.08% year-over-year increase compared with November 2022, a new increase of 9,200 new jobs, the Texas A&M report noted.
The unemployment rate is down to 5.20% from 6.00% in 2022.
