Texas is sizzling—but its housing market is ice cold. The Lone Star State lagged behind 49 others in a new ranking of the hottest real estate markets, and five of its cities landed among the worst.
Texas earned a composite score of 7.3 based on key Redfin indicators, placing the state dead last in a new analysis from Construction Coverage. The study points to rapid home price growth, rising mortgage rates and return-to-office mandates as key factors behind the market’s slowdown.
The study equally weighed year-over-year change in median sale price, the share of homes sold above the asking price, median days on market, average sale-to-list price ratio and the share of listings with price drops in over 850 U.S. cities and across all 50 states…