Discover the latest opportunities in the Houston real estate market.
Welcome to the Houston Real Estate Market Update, where we dive into the latest trends and numbers shaping the local housing market. With the scorching summer heat, Houston isn’t the only thing sizzling - the real estate market is also on fire. Let’s dissect last month’s statistics to gain a better understanding of the current landscape.
In terms of sales volume, Houston recorded over 10,000 transactions, representing a 12% decrease compared to the previous year. However, it’s crucial to examine these figures in context. Taking a step back, we observe that May 2019 serves as a better benchmark. Surprisingly, when compared to that period, total property sales have actually increased. This tells us that despite the recent dip, the market remains robust.
Turning our attention to inventory, we witnessed a notable 45% surge, resulting in 33,000 plus homes available for prospective buyers. Meanwhile, pending sales experienced a slight decline, totaling 9,100 transactions. These figures indicate that Houston’s real estate market is gradually moving towards a more balanced state, reminiscent of the conditions observed in 2019.
What’s particularly impressive is that this surge in pending sales occurred despite the current higher interest rate environment, surpassing the activity levels of May 2022 and May 2019. Buyers and sellers alike can find opportunities within this evolving landscape. With increased active listings, buyers have a broader range of options, while sellers can explore trading up or down.
On another encouraging note, May’s employment data revealed the addition of over 18,000 jobs in the Houston metro area. This figure surpassed monthly averages, leading to a record high of 3.35 million jobs. With such robust job growth, housing demand is poised to remain strong, as everyone needs a place to call home - whether it’s a purchase or a lease.
If you have questions or would like to delve deeper into the data, our team is here to assist you. Reach out to us via phone or email, and we’ll be more than happy to provide guidance and insights tailored to your specific needs.