Houston Real Estate Market Update - August 2023

houston market report

Houston Real Estate Market Update - August 2023

HOUSTON REAL ESTATE SHOWS FURTHER MOVEMENT TOWARD NORMALCY IN JULY

Sales decline by the smallest amount in more than a year, prices stabilize and inventory grows
 
HOUSTON — (August 9, 2023) — Even with some indicators in negative territory, the Houston housing market continues to demonstrate that it is returning to a more normal state as it moves beyond the pandemic and the challenges posed by rising interest rates. Home sales across Greater Houston were down for a 16th straight month in July, but the rate of decline was the smallest in more than a year. 
 
“Each passing month has moved the Houston housing market closer to what we consider normal, with seasonal influences, but consumers are still understandably taking a cautious approach to the homebuying process, and many are ultimately choosing to rent,” said HAR Chair Cathy Treviño
 
Days on Market, or the actual time it took to sell a home, increased from 27 to 42 days. Months of inventory registered a 3.2-months supply compared to 2.4 months a year earlier. The current national supply stands at 3.1 months, as reported by NAR.
 
Single-family home prices continue to stabilize. The average price edged up just 0.6 percent to $428,140 while the median price fell 2.3 percent to $340,000. That keeps pricing below the record highs of $438,350 (average) in May 2022 and $354,000 (median) in June 2022.
 
Source: HAR

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