First Time Home Buyer’s Housing Market Report - April 2023

Good Thursday morning, I hope you guys are having a great week. Let's take a look at the most recent (April 2023) market report. The average price for a single-family home fell 1.3% to $419,929 which is below the high of $438,301 reached in May 2022, while the median home price fell 3.6% to $331,00, which is also below the high of $353,995 reached in June of 2022.

 With current mortgage rates still inching its way to what maybe 7%, some home buyers have decided to wait and see what will happen next. Inflation is currently a bit below 5%, down from a high of 9.1%. However, I think rates will continue to fluctuate until inflation is reduced to the Fed's 2% target.

Months of inventory is 2.7 percent, up from 1.3 a year a go, and the actual time it took to sell a single family home, grew from 34 to 55 days. All things considered, that is not really bad. Homes priced from $500,000 to $1 million fell 22.0%, taking homes priced above $1 Million with it, which is also down 22.4%. Homes priced between $100,000 - $149,999 saw a decreased of 30.3 percent. While homes within $150,000 - $249,999, fell 12.2% and homes within $250,000 - $499,999 fell 19.7%.                                                

All things considered, Houston housing market is still doing better than most. Remember, that 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:)

We hope you enjoyed your visit with us today. As always, thank you so much for stopping by. Until next time…Diana.

Source: Wall Street Journal    Source: Houston Association of Realtors

Image: Market Report Image Designed by Diana Walton