Houston Housing Market In a Minute

Good afternoon and welcome. The average price of a single-family home rose 7.2 percent in October to $403,712 which is below the high of $438,290 reached a few months ago in May 2022, while the median price stepped up 8.4% to $330,500, which is also below the high of $354,100 reached in June of 2022.

With mortgage rates currently above 7%, some home buyers continue to wait and see what will happen next. In the meantime, with inflation still above 8% interest rates will most likely continue to climb until inflation is reduced. We will see.

According to Houston Association of Realtors (HAR), town home and condominium sales experienced their fifth consecutive monthly decline, falling 19.4 percent, with the average price up 9.3 percent to $269,936 while the median price went up 3.9 percent to $226,500.

Meanwhile, overall home buying activity have slowed for the 7th month in a row. Months of inventory grew to 2.8 in October and the actual time it took to sell a home, grew to 43 days from 32. All things considered, that is not really bad. Homes priced at $500,000 to $1 million experienced a 6.6 percent decline in sales while homes above $1million saw sales declined 28%.

Due to their price point, homes priced between $100,000 - $149,999 saw a decreased of 34.8 percent. The same is true for homes within the $150,000 - $249,999, that declined 41.6% - furthermore, homes within the $250,000 - $499,999 price point had a smaller decreased of 18.7%. As always, thank you so much for stopping by. Until next time...Diana

Diana Walton Broker
Astor & Eaton Realty
713.208.8013
Write to Diana Walton at homes@astoreaton.com
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