Southern states are leading the way when it comes to downtown apartment construction. Houston ranks 3rd in the United States for active downtown apartment construction with 15,607 new units built in the last 10 years, according to StorageCafe.

Houston housing inventory has grown to its highest level in two years, according to the Houston Association of REALTORS®’ August 2022 Market Update.

Mortgage applications declined 1.2% during the week ended Sept. 9, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. 

The CPI has risen 8.3% in the past year, while hourly earnings have only risen 5.2%. This means the standard of living in the United States is decreasing.

Modern homes are still the most popular interior design style, according to a new study from Confused.com, a financial services comparison website based in the U.K.

The Houston Association of REALTORS® has revealed in their weekly snapshot that new listings are down 13.5% compared to last year. Pending listings are also down, with a 33% decrease from 2021 to 2022.

In the first seven months of 2022, construction contracts in Houston amounted to nearly $15.4 billion.

Mortgage applications, pending sales, new listings and overall inventory saw large declines in August.

Homebuyers nationwide had more time to make decisions in August with the first year-over-year increase in median days on the market since June 2020.

Buyers who are still in the game are finally getting a break from bidding wars

The modest 1% decline could indicate the current housing cycle is reaching a bottom as mortgage rates recede from their recent high, the National Association of REALTORS® said. 

The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.

A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said. 

The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported. 

In Houston, 44.1% of offers faced competition last month