The Houston area real estate market has been blowing and going for the last several years. This year, housing inventory, interest rates, inflation and economic uncertainty ended Houston’s seven-year run of record-breaking home sales.
Single-family home sales fell 10.9 percent while sales of all property types totaled was down 10.7 percent from 2021. For the month of December, single-family home sales dropped 32.6 percent.
Single-family homes inventory grew from a 1.4-months supply last year to 2.7 months. Per National Association of Realtors, housing inventory across the U.S. currently stands at a 3.3-months supply. Days on market grew from 48 days in November to 57 in December. This is the highest it is has been since mid-2020.