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

Hello and happy holidays. Here is a quick update for the week ending 12/12/2022. For prospective home buyers currently in the market, new listings (2,044) are still trailing behind what they were the same time last year (2,149) but only by a decline of 4.9%.

This was after a brief rebound last week. On the other hand, home sellers did remove a total of 1,211 homes off the market, which is significantly more when compare to the same time last year, when only 752 homes were removed.

Although prices are falling, they are not falling fast enough. This, coupled with still high interest rates, and inflation, although inflation is now 7.1%, 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 26.9% drop in listings that went under contract. If some qualified home buyers are not buying homes, this will affect total closings, which is down 34.1%

While you’re out dashing through the stores - to find that last perfect gift, we at First Home Houston don't want a lot for Christmas. In fact, there’s just one thing we need; for you and your family to have a very happy, very merry, very healthy and a very safe Christmas. As always, thank you for stopping by. Until next time...Diana

Image Created by Diana for First Home Houston