House prices, however, continued to rise, marking the 130th consecutive month for price gains, the longest streak on record, the National Association of REALTORS® said.   

A new report from Texas REALTORS® shows that million-dollar home sales increased in Texas from 2021 to 2022.

More buyers have entered the market in the past four weeks as mortgage rates fell.

New listings were up 0.7% during the week ending Jan. 16, according to the Houston Association of REALTORS® Weekly Activity Snapshot.

The increase in builder confidence breaks a string of 12 straight monthly declines in the NAHB/Wells Fargo Housing Market Index. 

Single-family home sales amounted to 95,113 in 2022, which is nearly an 11% decrease from the amount sold throughout 2021. That marks the first year of declining sales since 2015.

Breaking a streak of year-over-year decreases, new listings in the Houston Multiple Listings Service were up 3.3% in the first week of 2023.

Redfin attributes the drop to the record high mortgage rates, recession concerns, record low inventory, extreme winter weather and the holiday slowdown. 

Continuing a trend seen in the final months of 2022, off-market listings soared over 2021 levels in the final week of the year.

A record share of sellers are giving buyers concessions including money for repairs and mortgage-rate buydowns.

Despite the fact that new listings have decreased year over year, consumer interest has also waned, creating a surplus of available properties.

Rental website RentHop has updated its list of the least affordable cities for singles — and the Bayou City has risen in the ranks.

Geographically, the largest home-price increases took place in the Southeast, led by Florida (18%), South Carolina (13.9%) and Georgia (13.6%), CoreLogic reported, citing its November Home Price Insights report.    

Rental analysis website RentCafe has identified Houston as the Texas rental market that heated up the most during 2022’s peak rental season.

Homes linger on market longer as buyers take their time.

“Showings typically slow to a trickle during the last two weeks of the year because of the holidays, and 2022 is no exception,” HAR’s report reads.