Spring Forward into April
As the world awakens from its winter slumber, April brings with it a sense of rejuvenation and new beginnings. From blooming flowers to cultural celebrations, join us in embracing the season of growth and renewal! Read on for real estate market report and more – curated just for you.
HAR Newsroom — With March home sales figures in the books, the Houston Association of Realtors (HAR) continues to conduct a two-tiered analysis of Houston real estate in an effort to provide the most accurate assessment of market conditions: a comparison to 2019 – the last “normal” year before the pandemic, as well as 2022. March marked the 12th consecutive month of falling sales and the second straight month of slightly lower prices.
According to the HAR March 2023 Market Update, single-family home sales fell 18.3 percent year-over-year, with 7,907 units sold compared to 9,681 in March 2022. However, when compared to March of 2019, when sales volume totaled 6,995 units – sales were up 13.0 percent.
All but the sub-$100,000 housing segment saw year-over-year declines in March. Single-family rentals scored solid gains once again, as many buyers continued turning to the rental market amid lingering uncertainty about interest rates and inflation.
March became the 12th consecutive month of negative sales as housing throughout the Houston market and across the U.S. recovers from inflationary headwinds.
Most of the March housing measurements consisted of negative numbers. In addition to the drop in single-family home sales, total property sales and total dollar volume fell. Single-family pending sales dropped 5.2 percent. Active listings (the total number of available properties) remained 69.2 percent ahead of their level of one year ago.
Months of inventory continued to improve in March, growing to a 2.7-months supply. Housing inventory nationally stands at a 2.6-months supply, according to the latest report from the National Association of Realtors (NAR). A 4.0- to 6.0-months supply is widely regarded as a “balanced market” in which neither the buyer nor the seller has an advantage.
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