Houston Housing Market Sees Sales Dip in 2023, But Eyes Recovery in 2024

The Houston Association of Realtors (HAR) reported a challenging 2023 for the housing market, marking the second year in a row of decline. Here's a breakdown of the key points:

Sales Soften:

• Single-family home sales dropped 12% in 2023 compared to 2022, totaling 83,854 units.
• Overall property sales mirrored this trend, falling 13% to 102,367 units.

Market Value Stabilizes:

• Despite the sales slowdown, the average price for single-family homes remained steady at around $408,000.
• The median price also showed stability, hovering around $330,000.

Townhome and Condo Market:

• This segment saw a smaller decline in sales, with December numbers dropping 7% year-over-year.
• However, average and median prices experienced a rise of 6.7% and 9.3% respectively compared to 2022.

Looking Ahead:

• HAR Chair Thomas Mouton expressed optimism for 2024, citing a large housing inventory and stabilized pricing as potential drivers of a sales increase.
• Consumer confidence and Federal Reserve interest rate decisions are seen as key factors influencing the market's recovery.

Overall:

While the Houston housing market faced headwinds in 2023, there are signs that point towards a potential rebound in the coming year.

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