April Monthly Market Comparison(HAR Report):
Record high home prices, rising mortgage interest rates and dwindling inventory caused the Houston real estate market to slow its roll in April, with many consumers putting off purchases and sitting tight or opting to rent instead. Single-family home sales were statistically unchanged year-over-year, however on a year-to-date basis, they are 7.4 percent ahead of last year’s record pace.
With the exception of single-family home sales and pending sales, the monthly market metrics showed positive readings. Active listings (the total number of available properties) rose 5.2 percent. Sales of all property types were statistically unchanged, totaling 11,384, and total dollar volume for April jumped 14.5 percent to $4.5 billion.
Months of inventory edged up to a 1.4-months supply, which is just slightly above the lowest level of all time. Over the past year, its highest level was a 1.7-months supply from July through October of 2021. Housing inventory nationally stands at a 2.0-months supply, according to the latest report from the National Association of Realtors (NAR). A 6.0-months supply is traditionally considered a “balanced market,” in which neither the buyer nor the seller has the upper hand.