HOUSTON/HAR Report — (April 12, 2023) — With March home sales figures in the books, the Houston Association of Realtors (HAR) continues to conduct a two-tiered analysis of Houston real estate in an effort to provide the most accurate assessment of market conditions: a comparison to 2019 – the last “normal” year before the pandemic, as well as 2022. March marked the 12th consecutive month of falling sales and the second straight month of slightly lower prices.
According to the HAR March 2023 Market Update, single-family home sales fell 18.3 percent year-over-year, with 7,907 units sold compared to 9,681 in March 2022. However, when compared to March of 2019, when sales volume totaled 6,995 units – sales were up 13.0 percent.
All but the sub-$100,000 housing segment saw year-over-year declines in March. Single-family rentals scored solid gains once again, as many buyers continued turning to the rental market amid lingering uncertainty about interest rates and inflation. HAR will issue its March 2023 Rental Home Update next Wednesday, April 19.