The latest stats and intriguing dynamics shaping Houston's market.
The July figures are out, and today we’d like to share the latest stats for the Houston real estate market.
Total closings have decreased in comparison to the same time last year, while active listings and total inventory have seen an increase. This trend has been consistent throughout the year. Notably, the pending sales index for July 2023 shows a 12% rise compared to July 2022. This echoes the pattern observed in June, where total closings were down, active listings were up, but pending sales were higher than the previous year.
These developments indicate a market in the process of finding equilibrium. After two consecutive months of rising pending sales, it’s expected that the market will continue to stabilize, even in the face of a high-interest rate environment. The local Houston economy and the broader Texas state have been achieving record-breaking job numbers and higher employment rates. This robust economic landscape has significantly contributed to the surge in pending sales.
Recent economic and inflation data suggest that the Federal Reserve won’t be further increasing interest rates in September. Forecasts indicate a potential decrease in interest rates by 2024. With the market steadying and a greater inventory becoming available, both buyers and sellers can capitalize on excellent opportunities.
If you have any queries about this data or wish to explore the possibilities on hand, don’t hesitate to call or email us. We’re here to assist.