Houston Market Report

Good morning and welcome. Fresh off the press. As reported in the Wall Street Journal just a couple minutes ago, Inflation is now 6.5% down from a high of 9.1%

Let's now take a look at the most recent market report. The average price of a single-family home rose 5.1 percent in December to $409,777 which is below the high of $438,301 reached in May 2022, while the median home price stepped up 3.8% to $330,00, which is also below the high of $353,995 reached in June of 2022. Although not the best, but, is still better news for home buyers that were priced out of the market.

With current mortgage interest rates exceeding 6% some home buyers have decided to wait and see what will happen as we all wait to see how much the fed will raise rates again. With inflation now sitting at 6.5%, (as of a couple minutes ago) down from a high of 9.1%, it is most likely that rates will continue to climb until inflation is reduced further.

Months of inventory grew to 2.7 and the actual time it took to sell a home, grew to 57 days from 38 days. All things considered, that is not really bad. Homes priced at $500,000 to $1 million fell 19.6% taking home priced above $1Million with it, which is also down 34.8%. Homes priced between $100,000 - $149,999 saw a decreased of 29.1 percent. While homes within $150,000 - $249,999, dropped 42.8% and homes within $250,000 - $499,999 had a smaller drop of 29.7%.

All things considered, Houston housing market is still doing better than most, but along with the sunshine, 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 Created by Diana for First Home Houston