Houston-Housing Market Is Stabilizing
Houston home sales are decreasing again for the 14th straight month. This is the smallest it’s been in over a year, which may indicate improving market conditions.
According to Axios, the decrease in home sales volume was the smallest in almost a year, which could be a sign of improving market conditions ahead, HAR chair Cathy Treviño said in a statement.
Driving the news: There were 8,637 units sold in May 2023, compared to the 9,641 sold in May 2022 — a 10.4% year-over-year decrease and a 1.3% decrease from 2019.
Usually a decline wouldn’t be something that we’d be excited about. But we’ve seen 14 months now of declines in home sales, really coming off that peak that we had during the pandemic,” – Jennifer Wauhob, HAR’s previous chair
“It means that I think, we are through the worst of the slowdown and things are starting to stabilize, we’re starting to see a few more home sales and things are starting to look better overall,” Wauhob says.
Yes, but: There can still be outside influences — like hikes in mortgage interest rates, a possible deepening of inflation, or a drift toward recession — that could “slam the brakes on home sales,” Treviño says.
