HOUSTON/HAR Report — (September 14, 2022) — The Houston housing market continued easing its way to pre-pandemic levels with an August that marked the fifth consecutive month of declining sales and rising inventory. However, a surge in single-family leases demonstrates that consumers didn’t just suspend purchases due to rising prices and interest rates, but they pivoted to the rental market. These factors have enabled housing inventory to grow to its highest level in two years.
According to the Houston Association of Realtors’ (HAR) August 2022 Market Update, single-family home sales fell 16.9 percent, with 8,241 units sold compared to 9,918 in August 2021. That is the lowest one-month sales volume since February 2022. On a year-to-date basis, the market now trails 2021’s record-setting volume by 3.7 percent.