Mortgage Rates Down a Full Percent
Mortgage rates have been a major talking point in the housing market for a while. If you’re considering a move, you’ve likely been anxiously waiting for rates to drop. Based on the trends of the past few weeks, your wish might soon be granted.
Are Home Prices Going to Come Down?
Headlines and news reports can be confusing. Some suggest that home prices are headed for a correction, what do the actual facts indicate? In today’s housing market, a correction doesn’t imply a dramatic drop in home prices. Instead, it means that prices, which have surged rapidly in recent years, are beginning to stabilize. In other words, they’re now increasing at a slower rate.
Houston Restaurant Weeks August 1st – September 2nd, 2024
For 35 days, you can enjoy delicious meals and great deals while supporting the Houston Food Bank. A wide array of popular restaurants will be participating, offering specially priced multi-course prix fixe menus for brunch ($25), lunch ($25), or dinner ($39 or $55), available for both dine-in and takeout.
Texas becomes the 11th Michelin Guide destination in North America
Texas is the latest addition to the Michelin Guide’s United States selection. Partnering with Travel Texas, our state becomes the eleventh location to join the expanding list of North American destinations.
Single-family home sales in the Houston area increased by 1.8 percent year-over-year, but saw a decline on a month-to-month basis. July marked the third consecutive month of declining total property sales, with a 2.1 percent decrease year-over-year and a 1.8 percent drop from the previous month. The months of inventory remained unchanged, while the days on market decreased from 46 to 44 days.
Per HAR / MLS:
| Category | Jan. 2024 | Feb. 2024 | Mar. 2024 | Apr. 2024 | May 2024 | June 2024 | July 2024 | Aug. 2024 | Sept. 2024 | Oct. 2024 | Nov. 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Property Sales | 6,098 | 7,541 | 8,939 | 9,611 | 10,175 | 9,133 | 8,969 | 8,730 | 8,228 | 8,627 | 7,750 |
| Total Active Listings | 38,410 | 39,757 | 41,070 | 43,044 | 45,692 | 47,563 | 47,348 | 48,774 | 48,749 | 49,423 | 49,121 |
| Single-Family Home Sales | 5,009 | 6,221 | 7,334 | 7,926 | 8,538 | 7,718 | 7,635 | 7,340 | 6,973 | 7,185 | 6,559 |
| Townhome/Condominium Sales | 361 | 440 | 541 | 584 | 601 | 541 | 501 | 499 | 431 | 517 | 395 |
| Single-Family Months of Inventory | 3.3 | 3.4 | 3.5 | 3.7 | 4.0 | 4.3 | 4.3 | 4.5 | 4.4 | 4.4 | 4.4 |
| Single-Family Pending Sales | 6,934 | 7,763 | 8,741 | 9,110 | 8,484 | 8,478 | 7,180 | 8,092 | 7,489 | 7,551 | 6,816 |
| Days on Market | 58 | 57 | 55 | 49 | 45 | 46 | 44 | 47 | 51 | 51 | 52 |
| Price Range | Jan. 2024 | Feb. 2024 | Mar. 2024 | Apr. 2024 | May 2024 | June 2024 | July 2024 | Aug. 2024 | Sept. 2024 | Oct. 2024 | Nov. 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| $1 - $99,999 | 32 | 35 | 35 | 32 | 34 | 30 | 26 | 37 | 49 | 33 | 37 |
| $100,000 - $149,999 | 70 | 99 | 94 | 115 | 93 | 100 | 81 | 96 | 83 | 97 | 84 |
| $150,000 - $249,999 | 757 | 880 | 992 | 1,005 | 1,058 | 958 | 864 | 918 | 944 | 1,062 | 949 |
| $250,000 - $499,999 | 2,475 | 3,066 | 3,530 | 3,703 | 4,036 | 3,615 | 3,617 | 3,537 | 3,412 | 3,319 | 3,096 |
| $500,000 - $749,999 | 491 | 681 | 740 | 978 | 1,053 | 942 | 987 | 814 | 721 | 837 | 712 |
| $750,000 and above | 269 | 364 | 473 | 634 | 697 | 591 | 634 | 515 | 445 | 497 | 419 |
