All but the sub-$100,000 housing segment experienced declines in May when compared to 2022. Single-family rentals benefited again from strong consumer demand as many would-be homebuyers continued to scoop up rental homes amid uncertainty about interest rates and inflation. HAR will publish its May 2023 Rental Home Update next Wednesday, June 21. -HAR Report
“Houston housing has been in negative territory for 14 months, however this latest report showed a notable easing in declines and may be a bellwether of improving market conditions ahead,” said HAR Chair Cathy Treviño with Side, Inc. “Unfortunately, there still are looming influences out there that remain out of our control, including interest rates, a possible deepening of inflation or a drift toward recession. Any one of those could slam the brakes on home sales.”
Single-family home prices fell for the fourth time since the spring of 2020. The average price dipped 1.6 percent to $431,378 while the median price fell 3.1 percent to $340,095. That keeps pricing below the record highs of $438,350 (average) in May 2022 and $353,995 (median) in June 2022.