Houston homebuyers experienced more flexibility in November thanks to moderating prices and expanded inventory, the Houston Association of REALTORS® said in its latest Housing Market Update.

Sales dipped during the month for the first time since April, with 6,347 homes sold, down 2.3% from November 2024. Pending sales, however, increased 7.2% year over year, with 6,784 homes going under contract.

Transactions increased most in the luxury segment among homes priced $1 million or more. Luxury buyers purchased 301 homes, up 23.4% year over year.

However, data shows that typical buyers are gaining the advantage in Houston: The close-to-list price ratio dropped to 92.2%, the lowest level recorded since HAR began tracking the data in 2001.

The median home price declined 1.5% to $325,000, while the average — boosted by the surge in luxury market activity — rose 0.8%.

“Houston’s housing market is settling into a balanced pace,” HAR Chair Shae Cottar said in a press release. “Buyers now have more time, more options and a little more breathing room to negotiate. Sellers are still attracting offers, but realistic pricing and expectations make all the difference.”

The typical home stayed on market for 60 days — a week longer than last November.

Given the rate of sales, Houston had a five-month inventory. That’s up from 4.3 months a year prior, and about 0.6 months higher than the national average.