Greater Houston May 2023 Real Estate Market Update

Featured image of the Greater Houston REAL ESTATE market update with Ft. Bend County Realtor Bret Wallace [May 2023] Market Update Blog Post
Credit: Image by Bret W | Source
  • Single-family home sales were down 18.4 percent year-over-year, as prospective homebuyers pull back their purchase plans amid mortgage rate fluctuations;
  • Compared to pre-pandemic 2019, single-family home sales were down 4.7 percent, however they were up 3.9 percent versus five years ago, in April 2018;
  • All housing segments experienced sales declines;
  • Days on Market (DOM) for single-family homes rose from 34 to 55 days;
  • The single-family average price fell 1.3 percent to $419,929;
  • Single-family home months of inventory registered a 2.7-months supply, up from 1.3 months a year earlier;
  • Townhome/condominium sales experienced their 11th straight monthly decline, falling 33.2 percent, and the average price up 1.7 percent to $279,257;
  • Compared to pre-pandemic 2019, townhome and condominium sales were down 9.6 percent.