Despite the slowdown, however, U.S. housing prices remain significantly higher than they were a year ago. 

The Rent. report found that the average rent for a two-bedroom apartment has risen 6% to $1,646, while the average rent for a three-bedroom has risen 9% to $1,797. Single-bedroom apartments saw more modest increases in rent, with one-bedroom rents increasing 3% to $1,277.

With 4,746 units built in the first six months of 2022, Houston leads the country in new apartment construction, according to a new report from RentCafe.

Houston home values have also rose well above affordability norms.

“After a sustained period of quick sales that kept the housing cupboard relatively bare, a supply of two months presents a lot more options for homebuyers,” said RE/MAX President and CEO Nick Bailey.

The only other time the market saw such change was at the beginning of the pandemic. 

The Houston Association of REALTORS® Weekly Activity Snapshot shows that new listings are down 1.2% year over year. Only 2,649 properties were entered into the Multiple Listing Service (MLS) in the past week.

Month over month in September, existing-home sales slid 1.5% to 4.71 million, which is 23.8% lower than the year before. 

New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics. 

With the work from home era in full swing, many Americans are taking advantage of their unconventional work routines to try out the nomadic lifestyle. While working remotely, these people travel from city to city rather than set down roots in one place.

The report shows decreases in sales prices, as well as an overall increase in days on the market. While this could be due partially to high interest rates, Bailey says the shift in the market could open up opportunities for buyers who’ve had to put their plans on hold.

The Houston Association of REALTORS® Monthly Activity Snapshot for September suggests a transition into more normal, pre-pandemic market trends.

Approximately 58% of homebuyers say they’d be willing to purchase a haunted house — and nearly 25% think they already have.

Following several weeks of increases, new listings are down again. The Multiple Listing Service (MLS) saw 2,653 new properties entered last week, a 6.6% year-over-year decrease.

The analysis found an increase in mortgage denials and in potential borrowers withdrawing mortgage applications in areas with an elevated risk of flooding.

New listings are up this week, according to the Houston Association of REALTORS®’ Weekly Activity Snapshot.