Houston Housing Market for the Week Ending 12/5/2022

Here is a quick update for the week ending 12/5/2022. For prospective home buyers currently in the market, you have choices. The number of new listings (2,361) has finally surpassed what they were the same time last year (2,297).

This represent an increase of 2.8%. On the other hand, home sellers did remove a total of 1,650 homes off the market, which is significantly more when compare to the same time last year, when only 1,193 homes were removed.

High home prices, coupled with high interest rates, and inflation, continue to keep some qualified home buyers out of the market; while they wait to see what will happen next.

There is no doubt that this is a contributing factor to the 30.3% drop in listings that went under contract. If some qualified home buyers are not buying homes, this will of course affect total closings, which is down 36.3%. As always, thank you for stopping by. Until next time...Diana

Image Created by Diana for First Home Houston