As the market endures economic hardships, Houston area home sales continue to suffer. November marked the eighth consecutive month of declining sales and rising inventory. Single-family home sales fell 30.2 percent compared to November 2021. The market now trails 2021’s sales volume by 8.8 percent. Interest rates are currently hovering around 6.7 percent with 1.25 points.
Days on Market grew to 48 days compared to 35 in 2021. Inventory registered a 2.9-months supply. This is the highest level it has been since July 2020 when it also was 2.9 months. National housing inventory stands at a 3.3-months supply.