2023: A Respectable Year for Houston Real Estate
Despite sales being down every month, the Houston housing market performed respectably in 2023. As we enter the final weeks of the year, the market sees improved housing inventory and moderating prices, which reached alarming extremes during the pandemic.
Mortgage Rates: The Big Challenge
Mortgage rates have recently climbed to their highest levels in 20 years, hindering home sales and driving potential buyers towards the lease market. According to Freddie Mac, the average 30-year fixed-rate mortgage reached a new high of 7.79% in the week ending October 26, 2023.
Positive News in the Housing Report
In October, home sales across Greater Houston fell just 3.4%, the lowest monthly rate of decline for the year. The months’ supply of homes climbed to 3.6, and pricing moderated, with the average price at $403,556 and the median price at $327,000.
Luxury Market: A Bright Spot
The Houston housing market in October saw a 21.3% increase in sales among homes priced at $1 million and above, known as the luxury market. This followed many months of declining sales in all pricing segments.
Lease Market: Solid Consumer Interest
In October, rentals of single-family homes rose 4.3% year-over-year, with the average lease price increasing 2.2% to $2,231. New listings of single-family rentals climbed 9.8%, providing ample supply to meet steady demand.
Real Estate: A Local Business
Although the Houston Association of Realtors (HAR) housing reports cover the Greater Houston market, each neighborhood has its own unique sales trends. That’s why it’s crucial for consumers to use the services of a Realtor when buying, selling, or renting a home, as they have expertise in their specific markets.
As we look forward to 2024, we hope for an even more respectable year for Houston housing. For more information on buying and selling homes and staying informed about the latest real estate trends in your area, visit Jessica Fulk Real Estate.
Orginal article: Link To Article – provided by Kansas City Realtors