Houston's Housing Crisis! A look at the July 2023 Market Update

Hello Houston! Good news, the market is still in the direction of  normalizing, but we are still seeing lower-than-average inventory. We need more homes on the market for all these buyers that are struggling to find the perfect fit for their families due to limited inventory. And as we move into the second half of 2023, we continue to see increased activity in the market. For more info about the housing market be sure to check out my monthly real estate market series which lets you know what’s happening both locally and nationally. But for now, let's look at what’s happening right here in the entire Houston Metro area- looking back at the final numbers for July. We gained twelve thousand seven hundred and fourteen new single family home listings on the MLS and the total number of active listings for July 22,775 was twenty two thousand seven hundred and seventy five , which is up from June! There were seven thousand five hundred and fifty seven total single- family property sales. And the average sales price for single family homes dropped slightly from June down to four hundred and twenty eight thousand one hundred and forty dollars… but it's still up compared to a year ago-  July of twenty twenty TWO!We’re continuing to move in the direction of a balanced market based on our months of inventory- which is now at three point two months supply, an increase from June and looking at a year ago, we were only at a two point four month supply. The average days on market dropped from 45 days in June to 42 days in July and Property showings had a strong presence with a total of one hundred ninety one thousand seven hundred and fifty eight  showings! That's over 6 thousand showings every single day for the month of july! That’s a LOT of eyes out there! Now if you heard me mention earlier that the market needs more homes for these buyers- you may be able to help! If you’ve got investment properties you’d consider selling, or maybe your considering downsizing or running out of room and ready to upsize- there is a HIGH DEMAND being made by buyers right now  in the Spring, Woodlands,Tomball, Cypress, Magnolia, Waller, Katy, Conroe and Willis area. So if you own a property in any of those areas and think you’re a candidate for a move- contact me today and we can see if your property qualifies for what the buyers are looking for. And If it does- I can explain all your options of getting you into the right home, what that process would look like for you and help you determine if moving is the right decision for you. So again, reach out to me now and let's see if it's the right move. Also don’t forget to like and follow to stay up to date on your local real estate market trends!