Inventory Returns to Normal in March 2023

Just wanted to share some good news about the Houston real estate market. It looks like things are slowly getting back to normal in March.

Great news! The Houston real estate market is slowly getting back to normal in March, as per the latest data from the Houston Association of Realtors (HAR). Although single-family home sales dropped by 18.3% compared to last year, they have increased by 13.0% since 2019, which shows a positive trend towards recovery.

But it's important to note that some parts of the market didn't see growth. Unfortunately, sales were down for all housing segments except for those priced under $100,000. This is likely due to the ongoing affordability crisis in the Houston area.

The Days on Market (DOM) for single-family homes increased from 38 to 62 days, which means that homes are taking a bit longer to sell than they were before. Hey there! Just wanted to give you a quick update on the property sales. We saw a 20.9% decrease in the number of units sold, with a total of 9,589 units sold. Additionally, the total dollar volume dropped 20.2% to $3.7 billion.

The median price for single-family homes went down by 3.0% to $325,000, but the average price stayed about the same at $408,647. This could be because there are more competitors in the market and fewer situations where multiple buyers are bidding on the same property.

Good news! The single-family home months of inventory increased from 1.1 months to 2.7 months, which means there are more homes available for buyers. Good news! We now have more homes available for buyers to choose from. This might help ease the shortage of homes that has been causing prices to go up lately.

The Houston real estate market has had some difficulties due to the pandemic, but the data from March shows that things are slowly getting better and there are some good things to look forward to. It's really important for buyers and sellers to work with real estate professionals who can help them understand the market and reach their goals.

Feel free to give me a call if you have any questions about the real estate market. I've been a licensed agent for almost 10 years and I'm here to help you with buying, selling, or investing in real estate. Let's work together to make your real estate dreams a reality!