HAR Report: The luxury segment – comprised of homes priced at $1 million and above and representing just 4.2 percent of all homes on the market – was the strongest-performing sector, with transactions up 15.5 percent year-over-year. Activity slowed in the $250,000 to $499,999 price range, which accounted for more than half of all home sales in January.
As inventory expanded, homes averaged 66 days on the market, up from 61 days the previous year. That marked the longest average days on market since February 2020, when homes averaged 68 days.
“Right now, buyers have more choices and a bit more time to make decisions, while sellers are adjusting to a market that’s becoming more balanced,” said HAR Chair Theresa Hill with Compass RE Texas, LLC - Houston. “With rates expected to ease a little this year, buyers who have been waiting on the sidelines may start to feel more confident and enter the market. That should help maintain demand and create additional opportunities for sellers throughout the year.”