Houston Housing Market Report

Good morning, I hope your week is off to a great start. Let's take a look at February's housing market report. The average price for a single-family home fell 2.4 percent in February to $385,103 which is below the high of $438,301 reached in May 2022, while the median home price dropped 1.6% to $320,000, which is also below the high of $353,995 reached in June of 2022. While I would not break open a bottle of Boërl & Kroff Brut Rose just yet, home prices are heading in the right direction. Down. But they are not there yet.

Do you remember back in February 2019 when the median price was $233,000 and the average price for a single family home was $284,864? I do. How about February 2018 when the median price was $226,400 and the average price was $280,894? According to the math, these price increases are between 37.3% - 41.3%.  So, we still have a way to go with price reduction.                                                          

With current mortgage interest rates exceeding 6%, some home buyers have decided to wait and see what will happen next. Inflation is currently sitting at 6.4%, down from a high of 9.1%. What do you think?  I think rates will continue to climb, and stop only when inflation is reduced further. It's history repeating itself. Although the news/television is trying to tell you otherwise.

Months of inventory is 2.6 percent, up from 1.2 percent a year ago, and the actual time it took to sell a home, grew to 63 days from 42 days. Still not bad. I think its' rather good.

The sale of homes priced from $500,000 to $1 million fell 23.3% taking homes priced above $1 Million with it, which is also down 33.3%. Homes priced between $100,000 - $149,999 saw a decreased of 27.0 percent. While homes within $150,000 - $249,999, fell 17.2% and homes within $250,000 - $499,999 fell 23.4%. More choices for you. Right.                                                      

All things considered, Houston housing market is still doing better than most, but along with the sun, there has to be a little rain sometimes. Don't forget to take your umbrella with you. It may pour a bit:) As always, thank you so much for stopping by. Until next time...Diana

Source: Wall Street Journal    Source: Houston Association of Realtors

Image: Designed by Diana