The Monthly Market Pulse: Houston’s Real Estate Review – October 2023

We know the property landscape can be a bit tricky to navigate, but don’t worry! With a dash of fun and a spoonful of consultation, the Selling Houston Team is all about making the market’s intricacies clear to you!

📉 Current Trends and Indicators 🔍

Unfortunately, Mr. Market threw us a curveball in October, marking the 19th straight month of a negative trend in home sales, driven by some of the highest mortgage rates we’ve seen in two decades, pushing many towards the rental sector. However, look closely, and you’ll find some housing hope within the gloom! 🌈

With 6,377 units sold, single-family home sales fell 3.4% in October, which actually represents the smallest rate of decline all year! We see a healthy indicator in this trend, offering hope for the future. We’re also celebrating a climb to a 3.6-month supply of homes, matching a level we last experienced back in November 2019. That’s good news for buyers on the prowl! 👍

✨ Silver Linings for Buyers & Sellers 🏠

With inventory growing and price moderation, we could see a renewed interest in home buying if mortgage rates drop. Our fingers and toes are crossed, but ultimately it’s the Fed who makes the call. 🤞 Until then, the rental game is strong for single-family homes, townhomes, and condos! 💪

💰 Pricing & Projections 📊

Single-family home prices took a breather in October, with the average price settling at $403,556 (a gentle increase of 0.4%) while the median price dipped ever so slightly by 0.9% to $327,000 – well below the record-breaking figures seen mid-2022.

However, keep in mind that even with a year-over-year fall of 3.4%, we’re still doing much better than October 2019 and 2018 when sales volumes were slipping 11.3% and 4.6% respectively.

The Bright Side 🌞

Despite a dip in single-family sales volume and total dollar volume compared to last year, don’t lose heart. Our pending sales figures went up by a solid 11%, and active listings were up by 12.5% compared to 2022 levels. These stats are reflective of a healthy, active market! 🎉

“Dip or no dip, we’re here for you” is a motto we truly believe at Selling Houston Team. Your dreams come first, and we promise to turn them into your new address! You’re closer than you think to landing your dream home. 🌟🏡