Look into February’s market trends & what to expect for the spring market.
It’s that time of the month again, and the numbers are out for the latest Houston real estate market update. Let’s take a look and see what’s going on.
Our current market is experiencing a surge in activity. Compared to February 2023, total property sales are up a significant 7%, with active listings increasing by 22% and pending sales rising by nearly 13%. Interestingly, the hottest property segments are in the $500,000 to $1 million range, up 18%, and luxury properties priced at $1 million and above, with a staggering 48%.
Data from the past two months (January and December) shows the pending sales index has risen year-over-year for three consecutive months. This upward momentum suggests strong buyer demand heading into the spring market. If you’re considering selling, now might be the perfect time to capitalize on this momentum.
“Our current market is experiencing a surge in activity.”
But why is this trend happening? There are two main reasons for that. The first one is that interest rate hikes from last year are no longer present. In fact, people are anticipating rate decreases as we get later into the year. The second reason why this trend is happening is because people view buying homes as a solid long-term investment.
Even with higher interest rates in 2023, home prices appear to have surpassed the average annual gain we’ve seen over the past 35 years. This resilience in a challenging market is a testament to strong buyer demand. If prices are held steady during a period of high rates, imagine the potential for growth in a more moderate interest rate environment.
If you have any questions about these numbers or would like some more information about real estate, feel free to call or send me an email. We’ll be happy to help.
