Houston Housing Market Report for the Week Ending 1/9/2023

Hello and a happy Thursday morning to you. The inflation report for December 2022 that is due out this morning will show whether price increases continued to slow after reaching it's 9.1% peak in June and now currently at 7.1%. While we wait, here is a quick update for the week ending January 9th 2023.

For prospective home buyers currently in the market, new listings (2,535) has surpassed what they were the same time last year (2,455) an increase of 3.3%. However, home sellers did remove a total of 1,411 homes off the market, which is significantly more (67.8%) when compare to the same time last year, when only 841 homes were removed.

Interest rates and home prices, coupled with the current 7.1% inflation rate, continue to keep some qualified home buyers out of the market as they wait to see what will happen next. These continue to be contributing factors that led to the 31.3% 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 36.4%.

Potential home buyers, home sellers, and every one else, spend 23.3% less time viewing homes on HAR when compared to the same time last year. Speaking of, during the same time last year, 12,591,342 homes were viewed on HAR, compare to 968,277 this year. Also down 6.8% are showing appointments, when compare to same time last year of 38,768 versus this year 36,142. As always, thank you for stopping by. Until next time...Diana

Source: Houston Association of Realtors

Images: by Diana