Current Market Data
That wasn’t the only good news as the end of the month neared.
Many of the most expensive listings in Texas from the month of November are located in Houston, according to data from Texas Multiple Listing Services.
New listings tend to dip into the negative territory around the holidays, as consumers are busy with preparations.
If inflation continues to cool, the historic slowdown could ease.
The pace of new single-family home sales, meanwhile, fell 6.1% from September to 598,000.
The median existing-home price rose for the 128th month in a row, extending its record-breaking streak of increases.
Despite a small increase in new listings last week, there was a 7.8% year-over-year decrease in new properties entered into the Multiple Listing Service (MLS) for the week ending Nov. 14.
Mid-week price cuts offer the most bargains in today’s market.
The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes.
The largest single-week decline in conventional mortgage rates since July brought the first increase in home-loan applications since September, the Mortgage Bankers Association said.
HAR’s Q3 2022 Housing Affordability Index shows that only 41% of Houston households can afford to purchase a median-priced home. A year ago, that statistic was significantly higher at 53%.
It’s not the only metric decelerating in today’s market. Inflation is also starting to slow which is helping bring down mortgage rates.
A new study from Texas Real Estate Source reveals which Texas metro areas have seen the largest increases in property prices since 2012.
New listings for the week ended Nov. 7 increased 3.2% year over year, according to the Houston Association of REALTORS® Weekly Activity Snapshot.
The Houston Association of REALTORS’ October 2022 Market Update shows that skyrocketing mortgage rates have contributed to a market cooldown in the Greater Houston area.
From dropping home prices, increased inventory and homes staying on the market longer, today’s buyers should look at the upside to what the market means for their prospects.