Sharing the latest updates on the Houston housing market trends.
The April numbers for the Houston real estate market have recently been released, so we’re here today to share them with you. Following the trend of the previous months, we observed a decrease in total property sales. However, there are some positive factors to consider.
First, the number of active listings has increased from April 2022. Still, the most significant indicator is the pending sales index. By comparing the pending sales data of April 2023 to that of April 2022, we noticed a decline of 2.8%. It is crucial, though, to bear in mind that the interest rates in April 2022 were considerably lower, ranging from 4% to 5% compared to the current rates of 6% to 7%.
The fact that the market has sustained a relatively similar level of activity amidst a higher interest rate environment suggests signs of stabilization. Additionally, when comparing market statistics to the corresponding period in 2019, which was the last “normal” year for real estate, the total property sales and pending sales were comparable.
Interestingly, during that time in 2019, we had a significantly larger inventory on the market than what we have today. Therefore, if it seems like there is currently an abundance of homes for sale, know that it pales in comparison to the market conditions of 2019. This indicates that it remains an opportune time for sellers to list their homes.
It is important to remember that each market operates locally. Therefore, if you want more information about buying or selling a home in your specific area, don’t hesitate to reach out. You can call or email us anytime and we would be happy to assist you!