The Houston Association of REALTORS® First Real Estate Snapshot of Houston (FRESH) Report shows that the inventory of single-family homes skyrocketed over year over year in December.
While the number of new listings was down 2.4%, the number of active listings was 73.1% higher last month than it was a year earlier. Despite the fact that new listings have decreased year over year, consumer interest has also waned, creating a surplus of available properties.
Another factor likely contributing to this surplus inventory is the average list price of $421,910, which is up 5.5% from December 2021. The average list price still trailed the all-time high of $441,303 in May 2022.