Houston Housing Market for the Week Ending 12/19/2022

Hello and happy holidays. Here is a quick update for the week ending 12/19/2022. For prospective home buyers currently in the market, new listings (1,890) are still trailing behind what they were the same time last year (1,953) but only by a decline of 3.2%.

On the other hand, home sellers did remove a total of 1,170 homes off the market, which is significantly more  (44.6%) when compare to the same time last year, when only 809 homes were removed.

Although prices are falling, they are still not falling fast enough. This, coupled with still high interest rates, 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 28.3% drop in listings that went under contract. If some qualified home buyers are not buying homes, this will affect total closings, which is down 31.7%.

Potential home buyers, home sellers and everyone one else also spend 33.3% less time viewing homes on HAR when compared to same time last year. During the same time last year, 9,418,463 homes were viewed on HAR, compare to 6,282,378.

Also down 9.0% are showing appointments, when compare with last year this time of 27,087 versus this year 24,654. To wrap up, new listings, pending listings, closings, homes removed from the market, showings and homes viewed remain down for the week ending 12/19/2022. Do not let this dampen your Holiday spirit.

So, while you're out dashing through the stores - we at First Home Houston don't want a lot for Christmas. In fact, there is 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