By the Numbers
The decline in sales came as a 17-month run of year-over-year increases in new listings came to a close.
The move was widely anticipated and is expected to be followed by additional cuts this year.
The jump in mortgage activity was driven in large part by refinancings, which surged 58% in the week ended Sept. 12.
At the same time, completions of new single-family homes were on the rise last month, according to federal statistics.
The National Association of Home Builders said its monthly builder-confidence survey indicated rising optimism that lower interest rates could spur new-home buying activity.
Nancy Almodovar, founder and CEO of Nan and Company Properties, worked as both the listing and buying agent for August’s most expensive greater Houston home sale.
The surge comes as the rate on a 30-year fixed-rate mortgage fell to its lowest level since October 2024.
The rate of home-price appreciation slowed to just over half the rate of inflation in July, Cotality noted.
Despite the decrease in borrowing costs, the Mortgage Bankers Association’s Market Composite Index showed a decrease in mortgage applications in the week ended Aug. 29.
Signed contracts declined despite lower interest rates and improved affordability and inventory, the National Association of REALTORS® said.
Dallas agent Michelle Wood of Compass RE Texas is responsible for listing two of the 10 most expensive new listings in the Lone Star State.
Most of the Bayou City’s new apartments — over 7,700 — are located in Houston proper, followed by Cypress at 1,343 units and Spring at 1,109.
The upside surprise came despite monthly and yearly declines in the pace of sales.
The typical $1,500 apartment in Houston is about 972 square feet — over 200 square feet bigger than the national average, according to RentCafe.
Nationally, home sales rose 0.6% year over year but slid 0.7% month over month, RE/MAX said.
The association said the housing market is making a definitive swing back in the direction of the buyer thanks to wage growth, slowing home-price gains and rising inventory.