October marked the seventh consecutive month of declining sales and rising inventory in the Houston area. Single-family home sales fell 22.8 percent compared to October 2021. The market now trails 2021’s sales volume by 6.7 percent. Interest rates are currently hovering around 7%.
Days on Market grew to 43 days. Inventory registered a 2.8-months supply compared to 1.8 months a year earlier. That is the greatest supply of homes on the market since July 2020.