Dallas and Houston rank in the top 10 cities for home renovation spending, according to a report from Pro Tool Reviews.

Closings increased 9.2%, with 2,688 homes sold compared to 2,461 during the same week in 2023.

A year ago, the average listing price in Houston was $441,748. In May 2024, it increased to $456,026.

Two of the 10 most expensive new listings in Texas are listed by Chad Barrett, an agent with Allie Beth Allman & Associates.

Realtors entered 3,310 new listings into the MLS during the week, a 19.1% increase over the same week in 2023, when 2,780 properties were added to the market.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index has hit a new record for six of the last 12 months, as demand remains strong in the face of tight inventory.

In Houston, the Astrodome area is the most expensive: residents pay 46.88% of their yearly home payments in extra property fees.

At the same time, the median price of a new home sold in April declined as well. 

Realtors entered 3,543 properties into the MLS during the week, a 12% increase over the same week in 2023, when 3,164 new listings joined the market.

Buyers are finally getting some relief as mortgage rates dip below 7% for the first time in five weeks, according to a Redfin report. 

Realtors added 3,574 properties into the MLS during the week ended May 13, a 23.7% increase year over year.

New-home construction jumped 5.7% month over month after a soft March, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Leases of SFRs increased 3.8% year over year, with 3,762 units leased during the month.

According to a new report from RentCafe, hotels have overtaken offices as the most likely spaces to be converted into new apartments.

Only 40% of households in the Houston area could afford a median-priced home in the first quarter.

The priciest home sold in greater Houston last month is a 7,258-square-foot new build in the Southside area.