Houston's real estate landscape hasn't fully recovered its 2022 peaks as we stepped into April. The month marked a year-long trend of monthly sales taking a dip compared to the previous year, and for three consecutive months, property prices have also receded. Interestingly, sales figures are beginning to mirror numbers from the pre-COVID era, although there's still a considerable gap in pricing.
In the realm of single-family homes, Houston witnessed sales of 7,310 properties — a decline of 18.4% from the previous year and a 4.7% drop from April 2019, as shared by the Houston Association of Realtors on May 10. The bigger picture, encompassing all property types, didn't differ much with a total of 8,912 sales, showing a 20.7% decline from April 2022 and a 4.7% reduction from April 2019.
It was observed that every single-family price bracket recorded significant sales reductions. The dip varied, with segments like $150,000-$249,999 seeing a 12.2% drop and $250,000-$499,999 experiencing a 19.7% decline. More drastic reductions were noted in the $100,000-$149,999 (30.3%) and $1-$99,999 (36.4%) segments.
Pricing trends showed less dramatic shifts. The average sales price for single-family homes receded by 1.3% year over year, settling at $419,929, while the median price decreased by 3.6% to $331,000. To give some context, May 2022 witnessed the highest average price at $438,294, and June 2022 saw the median peaking at $353,995. Fast-forward to April 2019, the figures were notably lower with the average at $305,092 and the median resting at $240,000.
Townhouses and condos weren't immune to this trend. With 544 sales in April, there was a 33.2% year-over-year decline, stretching the downturn to 11 months. Prices, however, showed a silver lining with the average price inching up by 1.7% year over year, reaching $279,257. The median remained stable at $234,000.
The total monetary value of all transactions in April declined by nearly 20%, summing up to around $3.57 billion.
Peering into the future, Houston's realty market is stepping into its prime season. Single-family pending sales are down by 2.8% year over year, and there's a surge of 56.2% in active listings. The current single-family inventory sits at 2.7 months, a leap from 1.3 months last year. Zooming out to the national picture, the inventory is at a 2.6-months supply. The sweet spot for a balanced market is considered to be between 4 to 6 months.
HAR Chair Cathy Treviño from Side Inc. voiced her opinion on the situation, stating, “Recovery in the housing domain wasn't expected to be swift, given the shaky ground of fluctuating interest rates, looming inflation, and recession talks.” She further added, “Though the overarching trends might seem bleak, many local markets within Houston are still thriving. With optimism in the air, we expect Houston's overall housing scenario to gain momentum as the year progresses.”
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