Single-family home sales fell 30.4% year-over-year in November, according to the latest Houston Association of REALTORS® Market Update.

Only 5,827 units sold in November, compared to 8,374 units in November 2021. However, the report notes that when compared to pre-pandemic conditions in November 2019, current sales levels are only down 8.2%.

Homes at all price points experienced declines in November, while the Houston rental market continued to grow. Additionally, average days on the market rose from 35 days to 48 as inventory reaches levels not seen since July 2020.

“Because Houston housing was hyper-energized at the beginning of the year, concern arose when interest rates increased, and we began experiencing a consistent decline in sales volume,” said HAR chair Jennifer Wauhob. “It’s important to maintain perspective by acknowledging that our market is battling the same forces as the rest of the country, between higher interest rates and prices, inflation and limited inventory. Fortunately, the Houston area has weathered the downturn better than many other markets.”