Report finds buyers are backing off from buying second homes, but what’s causing the turnaround?

Spring selling season is off to a strong start in Houston, as home sales soared 23% in March compared to the previous month.

Surging mortgage prices deterring more buyers

Our expectations and desires have shifted, with renters searching for more space — often at a higher price tag. But, according to a new study from RentCafe, you might be lucky in Houston.

CoreLogic predicts price increases to slow significantly by next spring in most metro areas, especially in Houston.

With fewer people putting their homes on the market, prices continue to skyrocket.

The decrease comes as interest rates continue to climb, according to the Mortgage Bankers Association. 

Houston’s housing costs are 18.6% lower than the national average, according to Rent.com. The overall cost of living is nearly 6% lower.

Housing inventory should reach pre-pandemic levels by the end of 2024, according to the results of Zillow’s latest Home Price Expectations Survey. More than 100 market experts and economists weighed in to predict upcoming trends.

“Buyer demand is still intense, but it’s as simple as ‘one cannot buy what is not for sale.” — National Association of REALTORS® chief economist Lawrence Yun  

The report revealed that sales listed in the Multiple Listing Service for February increased to 1,565 from 1,521 in January.

Greater Houston’s volume of new listings saw a 14.2% year-over-year decrease in week 11, according to the Houston Association of REALTORS® (HAR) weekly activity snapshot.

Affordability and supply-chain issues continued to weigh on the sales of new single-family residences.

What does the current generation of homebuyers and sellers look like? How old are they and how are they doing business? NAR has answers.

Greater Houston saw the most significant increase in the U.S. for year-over-year home sales in February, according to the latest RE/MAX National Housing Report. Home sales were up nearly 21% from the same month in 2021. 

The median existing-home price for all housing types in February was $357,300, up 15% from a year before, as median prices rose in each region.