Houston Housing Market Sees Sales Dip in 2023, But Eyes Recovery in 2024

Houston Housing Market Sees Sales Dip in 2023, But Eyes Recovery in 2024

The Houston Association of Realtors (HAR) reported a challenging 2023 for the housing market, marking the second year in a row of decline. Here's a breakdown of the key points:

Sales Soften:

• Single-family home sales dropped 12% in 2023 compared to 2022, totaling 83,854 units.
• Overall property sales mirrored this trend, falling 13% to 102,367 units.

Market Value Stabilizes:

• Despite the sales slowdown, the average price for single-family homes remained steady at around $408,000.
• The median price also showed stability, hovering around $330,000.

Townhome and Condo Market:

• This segment saw a smaller decline in sales, with December numbers dropping 7% year-over-year.
• However, average and median prices experienced a rise of 6.7% and 9.3% respectively compared to 2022.

Looking Ahead:

• HAR Chair Thomas Mouton expressed optimism for 2024, citing a large housing inventory and stabilized pricing as potential drivers of a sales increase.
• Consumer confidence and Federal Reserve interest rate decisions are seen as key factors influencing the market's recovery.

Overall:

While the Houston housing market faced headwinds in 2023, there are signs that point towards a potential rebound in the coming year.

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