Houston Housing Market for the Week Ending 1/2/2023

Hello and a happy Thursday morning to you. Here is a quick update for the week ending January 2nd 2023. For prospective home buyers currently in the market, new listings (1,439) are still trailing behind what they were the same time last year (1,546) but only by a decline of 6.9%.

On the other hand, home sellers did remove a total of 2,628 homes off the market, which is significantly more (52.5%) when compare to the same time last year, when only 1,723 homes were removed.

Interest rates, home prices, and still high inflation, continue to keep some qualified home buyers out of the market as they wait to see what will happen next. These are just a few of the contributing factors that led to the 33.6% drop in listings that went under contract. If some qualified home buyers are not buying homes, this will affect total closings, which is also down 28.2%.

Potential home buyers, home sellers, and every one else also spend 23.8% less time viewing homes on HAR when compared to the same time last year.

During the same time last year, 10,696,958 homes were viewed on HAR, compare to 8,146,247 this year. Also down 6.2% are showing appointments, when compare to same time last year of 27,098 versus this year 25,416. As always, thank you for stopping by. Until next time...Diana

Source: Houston Association of Realtors

Image Created by Diana for First Home Houston