December 2022 Houston Real Estate Market Data

HAR MLS data release showed declined home sales in December 2022 Real Estate data. The let-down in sales can be attributed to high interest rates, inflation and housing affordability.   

Single-Family median sales price was $330,00 up 3.5% ($317,791 in December 2021) compared to the same month last year. Average sale price is $409,777 up 5.1% ($390,073 December 2021).  

Number of closings was 6,378 homes down 32.6% (9,467 in December 2021) year over year.  

Active inventory was 33,776 homes, up 55.2% year over year.   Average Days on Market, the actual time it took to sell a home grew from 38 to 57 days.   Months inventory was up only 1.3 months to 2.7 months. This inventory increase is the highest level since July of 2020 at 2.9 months. This inventory increase is still below the 6.0 months’ supply generally considered a balanced market. Compared to national housing inventory per NAR of 3.3 months.  

Townhome/condominium sales declined 46.1%. Average price down 6.6% to $241,502 and median price up 2.3% to $214,999. Townhome/condominium inventory grew from a 1.7 months supply to 2.0 months.

2022 Market Summary

Single-family home sales for 2022 95,113 homes were down 10.9% compared to 2021 (106,756). Total dollar volume dropped just 1.5 percent to $39.3 billion versus $40 billion in 2021.  

The average price rose 10.0 percent to $413,657 while the median price increased 12.8 percent to $338,295.

Inventory remained low in 2022, Months of inventory reached its highest in October and November at 2.8 months.

Inflation and Interest Rates have big impact on home sales. We might continue to see a decline in home sales as the federal reserve tries to get a handle on the inflation rate which is right now at 6.5% and their normal target rate is around 2%.

* This data is based on HAR MLS whole data and the Image data is just for the city of Houston.

----   Sohna Jaye, Realtor Walzel Properties, LLC