Experts predict that the Texas housing market will achieve stability sooner rather than later. 

For the rest of 2021, the housing market will continue to be characterized by strong demand with low inventories accompanied by strong price growth, as told by the Texas Real Estate Research Center 

“Researchers at the Texas Real Estate Research Center see a more stable Texas housing market ahead, as soon as pandemic-induced home shortages dissipate. Our 2021 Mid-Year Texas Housing & Economic Outlook report has the details: https://txrec.io/3yHMhD9," Texas Real Estate Research Center said in an Aug. 11 tweet.

New home construction is projected to grow in 2022, however, growth will be at a slower rate than the previous two years, told by the Texas Real Estate Research Center.

The stability will in part come from the dissipation of pandemic-induced home shortages, easing price pressures, said World Property Journal. 

Economic growth and demographic trends, such as aging millennials and migration from out of state, will help drive Texas housing demand for the remainder of 2021 and 2022, World Property Journal said. 

The World Property Journal reports that mortgage rates will rise slightly by the end of 2021, the demand to purchase homes will remain strong with not enough homes up for grabs, home construction will slow down in 2022. With forbearance expected to end in the fall, the housing market could "absorb foreclosed homes." 

To read the report, click here.