The FRESH Report is in!
HAR just released the initial snapshot of the market
for the end of July 2023.
New listings are down 10% from a year ago. There is definitely a reduction in the overall need to sell as we had a couple banner years for transaction count there. This is why the Real Estate market is cyclical. Highs lead to periods of lower demand, which leads to an eventual upswing.
There are slightly more active listings as well compared to one year ago but if you read that fine print we are WELL below the total listing volume in 2019.
A full 24% lower in fact.
Average list price is basically flat year over year, but look at that 2019 comparison...over 35% more value gained by homeowners.
Great news if you've owned a home since at least then....and also the reason we like to buy and hold Real Estate as an investment.
Real Estate in a metro area will never be worth zero, and it tends to do extremely well over any 10 or 20 year period, especially in an expanding metro like greater Houston!
Please call our team anytime if you've got questions about the market or if you'd like to have any kind
of Real Estate conversation.