Houston-area home sales increase for first time since early 2022, real estate expert

(AP Photo/Matt Rourke, File)

The Houston housing market rebounded from a prolonged slump in November, with sales rising for the first time in 19 months.

The Houston Association of Realtors reported sales were up 4.9% last month, the first increase since March of 2022. It is the first real glimmer of hope for a market that has suffered with high mortgage rates, low inventory and high home prices.

Mortgage rates have eased slightly over the past month, a factor in the latest bump in sales.

“We saw rates drop down to the sixes and we have been seeing them in the sevens and eights, so I think that gave fire to people sitting on the sidelines, gave them that push to go ahead and move forward with it and find a really good, solid home,” HAR board member and local realtor Daniella Sumbera said.

Although the sales numbers were better than last November, they were down 3.2% compared to November of 2019 before the pandemic.

The average price of a home in Houston was up 1% last month compared to November of 2022, to $404,597, while the median price declined slightly to $326,000.

Inventory was better in November, with 3.5 months of supply, the highest level since November of 2019. A balanced market usually means there are between four and six months of available inventory.

“Having more inventory gives buyers more opportunities to choose from and not have to feel like they’re settling,” Sumbera said.

Homes priced between $250,000 and $500,000 saw an 8% increase in sales in November.

The time it took to sell a home declined slightly, to 47 days.

Sales of condominiums and townhomes didn’t fare as well last month. They were down for the 18th consecutive month, falling 3% compared to last November.