Redfin economists say they expect the cooldown in budgets to lead to a cooldown in price growth over the next few months.
The shift comes at a great cost as rising mortgage rates continue to keep buyers out of the market.
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.
According to the Houston Association of REALTORS® February 2022 Market Update, single-family home sales totaled 7,372 last month, a 22.9% jump from the previous year.
Currently, median rents in Houston stand at $1,012 for a one-bedroom apartment and $1,204 for a two-bedroom. Houston’s median two-bedroom rent is below the national average of $1,294, an Apartment List report noted.
The average list price (ALP) for a Houston home rose to an all-time high in February, supporting ongoing concerns about housing affordability in 2022, the Houston Association of REALTORS® (HAR) reported this week.
While rising interest rates may lead to more reductions in the housing supply, it may also bring some much-needed balance to the market.
December housing sales fell lower than they have since the start of the pandemic, a new Redfin report found.
“Fewer homes are selling because of a lack of supply, while demand remains strong.” — Redfin chief economist Daryl Fairweather
The number of new listings in the Houston real estate market continue to trail 2020 levels as they closed out their sixth consecutive week of declines on Dec. 20, according to the Houston Association of Realtors (HAR) weekly activity snapshot.