The Texas housing market appears to be cooling off. 

The Texas Real Estate Research Center at Texas A&M University say that housing sales growth as well as housing price growth appear to be slowing. This occurred after a brief surge following the COVID-19 pandemic, which led to higher prices and a lower inventory of available houses. Other factors, such as mortgage applications, are also declining statewide in Texas. 

"I noticed the same thing here in North Texas" Realtor Don McGrath said in a post to his Twitter account on Nov. 2. "The market is cooling off, but I think it is only seasonal. As long the interest rates stay low, we will continue to have a strong market. I expect early next year prices will rise again."

Research economist Luis Torres expressed that housing sales accelerated in Texas after the pandemic shut down the economy in the spring of 2020. It is believed that the lack of homes available for sale hindered housing sales numbers. It is expected that new home construction will grow in 2022. 

For one example of the decline, Wichita Falls saw a peak with 239 houses being sold in June, in September that declined to 202. The average price also declined from $204,000 to $184,000. Despite this, real estate experts expect mortgage rates to grow, according to a report from the Times Record News. 

Experts also attribute the recent decline to lower mortgage rates, student loan payment deferral and government transfer payments, according to a report from KVUE. Winter storms earlier in the year also impacted Texas's economy.