The full May Market Update from HAR has been published!
Click here to read the full report.
May 2023 brought the first real year over year pricing decline with the average sales price dropping about $7,000 to $431,378.
You really have to marvel at the Houston Market resilience. The interest rates rose from under 3% to over 6% in less than 6 months and have now remained there for the past 15 months...and the prices are still hanging on. Lack of total available inventory and the population growth creating demand is what is holding our prices steady in spite of the interest rates.
If you're looking at investing in Real Estate, this next year or 3 is the time to acquire properties while the prices are levelled off.
It's a little easier to acquire a house now than it was 2 years ago thanks to the rates, and we're hopeful the rates will go back down in the next few years.
When that happens, we should see the next price expansion...and also the ability to refinance into a lower interest rate.
The more properties you have your name on, the better the next price expansion will treat you!
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.