The housing market in Houston has shown strength and steadiness in April 2023, even with the ups and downs of mortgage rates. Though sales have been lower than last year for 13 straight months, there are encouraging signs that the market is bouncing back to levels seen before the pandemic. Notably, home prices have dropped for three months in a row and there's been a consistent increase in the number of homes available. This gives buyers more choices and suggests the market is becoming more balanced. Let's explore these important trends in Houston's housing market.
Home Sales Data
The Houston Association of Realtors (HAR) shared in their April 2023 Market Update that sales of single-family homes were down 18.4% compared to the same time last year. They sold 7,310 homes, which is less than the 8,955 sold in April 2022. However, if we look back to April 2019, sales have only dropped by 4.7%, showing the market's toughness. Plus, there are 56.2% more homes available than in 2022, giving buyers plenty of options as we head into the busiest time for home sales.
Average Home Price Data
In April 2023, prices for single-family homes fell for the third time since Spring 2020. The average price dropped by 1.3% to $419,929, while the median price decreased by 3.6% to $331,000. This is quite different from the record-breaking prices in May 2022, when the average was $438,327, and June 2022, when the median was $353,995. Still, it's worth mentioning that the current median price of $331,000 is 35.1% higher than in 2019, and the current average price of $419,929 is 35.2% higher than it was back then.
So What Does This Mean?
As we keep up with the changing Houston housing market, it's uplifting to see signs of steadiness and revival. Sales are now 3.9% higher than they were five years ago, and with a larger selection of homes, buyers have more variety to choose from. Plus, the drop in prices offers a great chance for those thinking about jumping into the market. Keep an eye on our updates for more information and trends about Houston's housing scene.
If you are curious about statistics in your area, reach out to one of our incredible agents today for an in-depth analysis of your neighborhood’s market conditions!