HOUSTON -HAR Report— (November 9, 2022) — Rapidly-rising mortgage rates dampened home sales in the Greater Houston area in October as the housing market cooldown continues. However, home prices are still well above where they were a year ago. October marked the seventh consecutive month of declining sales and rising inventory as the market continues toward a more normalized, pre-pandemic pace.
According to the Houston Association of Realtors’ (HAR) October 2022 Market Update, single-family home sales fell 22.8 percent, with 6,641 units sold compared to 8,597 in October 2021. On a year-to-date basis, the market now trails 2021’s record-setting volume by 6.7 percent.