HOUSTON,HAR Report — (October 12, 2022) — Consumers kept the high end of the Houston housing market humming in September even as the market collectively continued transitioning to more normal, pre-pandemic levels. Sales overall were off for a sixth consecutive month due largely to the persistent lack of inventory and inflationary headwinds that include rising interest rates. However, the inventory landscape is showing signs of improvement for consumers as an uptick in new listings helped boost overall supply to its highest level in two years.
According to the Houston Association of Realtors’ (HAR) September 2022 Market Update, single-family home sales fell 17.0 percent, with 7,664 units sold compared to 9,235 in September 2021. On a year-to-date basis, the market now trails 2021’s record-setting volume by 5.1 percent.