Houston home sales fall for the tenth time, even as easing mortgage rates pull some buyers back
A for sale sign in shown outside a home in the Heights in May 2022, in Houston, when average home prices hit their peak. Home prices are down from their pandemic peak, although they are still higher than a year ago.Early signs suggest falling mortgage rates could be pulling some homebuyers back into the housing market nationwide, but so far in Houston, many remain on the sidelines, new data suggest.
“I think what’s happening now reflects more of a return to seasonal home sales trending — slower volume during the holidays and new year,” Treviño said. “Certainly consumers want assurances that inflation is subsiding, so if mortgage rates stabilize and homes continue hitting the market at more affordable price points, we could expect an upswing in sales later this year.”
In Houston, the number of homes under contract rose by almost 38 percent month-over-month in January, but is still 15 percent less than a year ago, according to HAR data. Houston homebuyers can expect to pay more than they would have a year ago, but slowing activity is pumping the brakes on rising home prices. The average price hit $381,983 last month — 1.5 percent higher than a year ago and less than the record $438,302 set in May. Meanwhile, the median home price reached $315,000 in January, about 1.65 percent more than a year earlier, but also lower than its peak of $353,995 in June.
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