Ups and Downs in the Houston Market..

September Market Update:

It’s been an interesting journey from September 22nd to the present. This marks the 18th consecutive month of declining home sales, which is less than ideal.

Property sales have dropped by 9.5%, approximately 8550 units less than the previous year. However, it’s essential to keep this in perspective. Remember when we hit over 10,000 units sold in July 2020? Being at 8500 units is still respectable considering historical trends.

Now, let’s delve into inventory. It has risen from 2.6 to 3.5 this year compared to the same time last year. What does this mean for buyers and sellers? As long as we’re under five months of inventory, we’re technically still in a seller’s market, although we’re approaching a more balanced phase for negotiation.

Days on the market for inventory increased from 37 to 45 days, which isn’t unfavorable for buyers. Sellers should understand that the days of instant offers are behind us, but you’re still below the average days on the market. Buyers, on the other hand, should be encouraged as more properties are available, providing more options.

The good news is the average price for a home in Houston has increased by 0.8%, reaching $416,000. Despite concerns about a market crash and high interest rates, our appreciation remains robust. So, for potential buyers, waiting for rates to drop might end up costing you more for the same house next year. Buy now and consider refinancing later.

If you have any questions about the value of your home or need help finding the right one, please don’t hesitate to reach out. We’re here to assist you.