Houston home sales fell below pre-pandemic levels in October. Prices continued to drift downward, registering year-over-year declines for the ninth consecutive month. Despite high interest rates, more owners listed their homes for sale, nudging inventories to the highest level in four years.
According to recent data, Realtors sold 71,647 single-family homes through October of this year. This represents a significant decrease compared to the comparable period in '22, with 11,285 fewer closings. Additionally, it is also lower than the comparable period in '19, with 1,301 fewer closings.
The decline in home sales during October suggests that Houston is on track to sell fewer than 84,000 homes in '23. If this trend continues, it would mark the weakest year for home sales since '18.
These figures indicate a challenging housing market in Houston. The persistent decline in prices and the decrease in home sales reflect the impact of the ongoing pandemic and other economic factors. Despite the high interest rates, more owners listing their homes for sale has resulted in increased inventories.
It is important to closely monitor the housing market in Houston and consider the potential implications for both buyers and sellers. Realtors and homeowners may need to adjust their strategies to adapt to the current market conditions.
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