Houston Housing Market for the Week Ending 12.26.2022

Hello and a happy Thursday morning to you. Here is a quick update for the week ending 12/26/2022. For prospective home buyers currently in the market, new listings (1,083) are still trailing behind what they were the same time last year (1,109) but only by a decline of 2.3%.

On the other hand, home sellers did remove a total of 889 homes off the market, which is significantly more (31.7%) when compare to the same time last year, when only 675 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 35.5% 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 21.0%. With the way things have been going, we cannot blame the Christmas holiday for this.

Potential home buyers, home sellers and every one else also spend 29.8% less time viewing homes on HAR when compared to the same time last year. During the same time last year, 8,269,705 homes were viewed on HAR, compare to 5,809,440 this year.

Also down 14.3% are showing appointments, when compare with last year this time of 17,552 versus this year 15,049. As always, thank you for stopping by. Until next time...Diana

Image Created by Diana for First Home Houston