Houston Housing Market Report for the Week Ending 4/17/2023

A very good Thursday morning to you. For prospective home buyers currently in the market, you do have a bit more homes to choose from than in previous months. New listings (2,926) are a head of same time last year (2,613) representing an increase of 12.0%.

However, home sellers did remove a total of 1,174 homes off the market, which is significantly more (77.1%) when compare to the same time last year, when only 663 homes were removed.

As we continue to deal with inflation, now at 5%, down from 9.1% but not yet at the Fed's targeted 2%, interest rates and home prices continue to keep some qualified home buyers out of the market, while others are tipping their toes back in.

These contributing factors led to a slight 4.7% drop in listings that went under contract. You and I both know that if some qualified home buyers are not buying homes, this will affect total closings, which is also down 12.2%. No surprise there.

Potential home buyers, home sellers and every one else, spend 28.8% less time viewing homes on HAR when compared to the same time last year.

Also down 17.6% are showing appointments, when compare to same time last year. We hope you enjoyed your visit with us today. As always, thank you so much for stopping by. Until next time…Diana.

Source: Houston Association of Realtors

Image: by Diana for First Home Houston