Houston’s real estate sales have dropped, but home prices continue to rise.
If you’re thinking about buying or selling a home in Houston this year, we have information that you need to know to make wiser buying or selling decisions. Today, we will share the latest updates on Houston’s real estate market. Here’s everything you need to know:
• Total property closings were down 11% compared to August 2023. This wasn’t unexpected, as the pending sales index dropped in July, and we often see closings fall when pending sales decrease. However, the good news is that the pending sales index for August is up 12%, so we can expect a rebound in September sales.
• Active listings are up by almost 30%, giving more options for buyers in the market. Houston now has 4.5 months of inventory, the highest level since September 2012. With inventory levels between 4 to 6 months, we are approaching what’s considered a balanced market. This means buyers have more choices, and sellers will have more competition.
“Despite sales declines, Houston’s real estate prices are holding steady.”
• Luxury market remains strong and resilient, showing that demand for high-end properties is still robust in the Houston area. Properties priced at $1 million or more continue to perform well, despite the overall decline in sales across most price ranges.
• Average and median sales price have increased by 1-2% despite the drop in total property closings. This indicates that while fewer properties are selling, the ones that are selling are maintaining strong pricing, which is positive for sellers.
• 30-year fixed-rate mortgage decreased to 6.35%, which is lower than it was last year. We expect even more rate cuts by mid-September, thanks to a stable inflation rate of around 2% and promising job reports. These lower rates will likely encourage more buyers to enter the market and drive sales through the end of the year.
Whether you’re buying or selling, being up to date with the latest housing data and insights will enable you to get the best deals or sell for the most money. So, if you have any questions about how these trends could affect your plans, feel free to reach out to us at any time by calling 1-855-SETH-BRO. We’re here to help!
