Even so, HomesUSA CEO Ben Caballero says the Houston new-home market “looks strong” entering 2024.

The only region of the U.S. that didn’t experience an annual decline in existing home sales was the Midwest, where sales were unchanged year over year.

Houston inventory was revitalized by a 6.9% increase in new listings during the week ended Nov. 20.

Houston saw one of the largest increases in new listings in the country last month, according to the RE/MAX National Housing Report.

Detached single-family homes remained the most popular type of housing, making up 79% of all home purchases during the past year.

Single-family home rentals rose 4.3% year over year during October 2023. Meanwhile, 9.8% more home rentals added to the market and the time it took to lease a home increased from 29 to 32 days.  

New, pending and closed listings all rose during the week ended Nov. 13, according to the latest Weekly Activity Snapshot from the Houston Association of REALTORS®.

Last month, homebuyer demand showed its resilience, despite mortgage rates being at a 23-year high and inventory continuing to be limited.

Last month’s most expensive Houston home sales range from a grand estate in the heart of River Oaks to an opulent condominium in The Huntingdon high-rise.

Only 35% of Houston-area households could afford a median-priced home during the third quarter of the year. That’s the lowest housing affordability has been in Houston since 2012.

New listings skyrocketed in Houston during the week ended Nov. 6, according to the Weekly Activity Snapshot from the Houston Association of REALTORS®.

Houston saw the 19th straight month of negative home sales in October as high mortgage rates continued to sideline potential buyers.

In Houston, 47% of millennials moved out of their parental home in the past five years, with 19% still stuck at home.

A record number of homesellers are dropping their prices as buyers continue to feel the impact high mortgage rates are having on their wallets.

The agent with the most $1 million-plus listings was Laura Sweeney of COMPASS RE Texas, who accomplished a sales volume of over $71.8 million across 19 transactions.

Houston’s housing inventory was replenished by a healthy round of new listings during the week ended Oct. 30.