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Houston Real Estate Market Report | October 2023


Houston Real Estate Market Report | October 2023

The month of spook-tacular surprises, cooler temps, and pumpkin spice everything! We’re falling for all things autumn in this edition.

Get ready for some fresh real estate market report data, ‘boo-tiful’ updates, ‘gourd‘-eous stories, and ‘witch‘-ful thinking as we navigate through this enchanting October together!

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As we roll into the Fall market, here’s what we’re experiencing:

Houston’s home sales witnessed at 18th consecutive month of decline in September. This was mainly due to prevailing interest rates, which led many potential homebuyers to either consider the rental market or temporarily put their home-buying plans on hold. However, there’s a silver lining in this situation. Slower sales helped increase inventory and stabilize prices, creating a more favorable environment for buyers once consumer confidence bounces back.

According to the September 2023 Market Update from the Houston Association of Realtors (HAR), single-family home sales saw a 10.9 percent decrease compared to the previous year. In September 2023, 6,886 units were sold, down from 7,728 in September 2022. The months’ supply of homes reached 3.5, the highest level since November 2019 when it was at 3.6 months. If we compare these numbers to September 2019 before the pandemic, home sales were down by only 2.3 percent. On the bright side, rentals of single-family homes and townhomes/condominiums remained strong. We’ll have more details on rentals in the upcoming HAR report on October 18, so stay tuned!

Now, let’s talk prices. Single-family home prices are still adjusting. The average price only increased by 0.8 percent to $416,664, while the median price fell by 2.2 percent to $333,000. These figures are notably lower than the record highs we saw in May 2022 and June 2022.

Townhouses and condominiums experienced their 16th straight monthly decline in September, with a 14.4 percent decrease compared to the previous year. However, the average price remained relatively stable at $257,909, and the median price increased by 2.2 percent to $224,250. The inventory also grew from a 2.0-month supply to 3.5 months, which is the highest level since November 2020.

So, while there have been some challenges in the market, there are also positive signs and opportunities for both buyers and sellers. We’ll keep you updated as we move forward, and we hope you have a great day! 🏡