Two weeks after housing inventory turned negative, home prices posted a healthy increase, MarketNsight said. 

Over 90,000 apartments could join the Houston housing market, according to the Q2 2023 Construction Pipeline report from Berkadia.

High mortgage rates and limited inventory continued to weigh on sales activity, National Association of REALTORS®Chief Economist Lawrence Yun said. 

Single-family home permits and completions, meanwhile, also rose, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Realtors from Compass RE Texas top the list of the most expensive homes sold in greater Houston during July, both as listing agents and buyer agents.

Two of these expensive properties were listed by Laura Sweeney of Compass RE Texas.

The industry group issued its housing-market forecast along with its monthly Pending Home Sales Index for June. 

The median existing-home price for all housing types in June rose to $410,200, 0.9% less than the all-time high of $413,800 reached in June 2022, the National Association of REALTORS® said. 

Back in 2018, Freddie Mac stated that the country still needed about 2.5 million extra homes in order to meet demand. Then the pandemic homebuying boom depleted already-low inventory levels and high mortgage rates in the second half of 2022 chained many homeowners to their existing low rates.

Low inventory and high demand are buoying builder sentiment in the face of several headwinds. 

The drop in the pace of new-home construction follows a significant surge the month before, according to government statistics. 

Despite the declining rate of increase, home prices have risen for the last 136 months, CoreLogic said. 

It takes the average Houstonian eight years to save up for a 10% down payment on a home, according to a recent Axios analysis.

These are the most expensive new listings added to Texas Multiple Listing Services in the past 31 days, as well as the listing agents behind the properties.

Transactions that do go through are typically seeing multiple offers, NAR Chief Economist Lawrence Yun said. 

A third consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index lends new evidence to claims that previous declines could be behind the market.