Current Market Data
The competitive homebuying market showed signs of loosening up last month as bidding wars dropped from May despite being higher than they were a year ago.
Adjectives reflecting the desire for privacy and physical isolation gained a place of prominence: “private,” “covered,” “quiet,” “separate” and “enclosed” were among the top 100 most-used description terms.
It could take Houston-area renters more than seven years to save for a down payment in today’s market.
Houston rents jumped 4.3% year over year in May.
Millennials were once referred to as the “renter generation” because of their preference for apartment living in urban areas over purchasing a home in the suburbs like their Baby Boomer parents.
Housing markets across the country saw new listings growth in June, as the median list price hit yet another all-time high, and Houston was no exception.
Strong growth of single-family construction spending drove the increase, while spending on multifamily construction was flat, the National Association of Home Builders said.
“May’s strong increase in transactions — following April’s decline, as well as a sudden erosion in home affordability — was indeed a surprise. The housing market is attracting buyers due to the decline in mortgage rates, which fell below 3%, and from an uptick in listings.” — NAR chief economist Lawrence Yun
The 10-city composite index rose 1.9% on a monthly basis and 14.4% on a yearly basis, while the 20-city composite rose 2.1% monthly and 14.9% annually.
New listings also lost their momentum during the week, lowering hopes that the limited supply of homes on the market would be replenished soon.