HOUSTON — (November 8, 2023)-HAR Report — The Houston real estate market continues to be hamstrung by the highest mortgage rates in two decades as consumers take most of their business to the rental sector. October marked the 19th straight month of negative home sales, however there are healthy indicators layered throughout the latest statistics as the final quarter of 2023 began.
According to the Houston Association of Realtors’ (HAR) October 2023 Market Update, single-family home sales across Greater Houston fell 3.4 percent, the lowest monthly rate of decline all year. During October, the Houston Multiple Listing Service (MLS) recorded sales of 6,377 units compared to 6,603 in October 2022. Months supply of homes climbed to 3.6, matching a level last seen in November 2019. Compared to pre-pandemic October 2019, when volume totaled 7,187, home sales were down 11.3 percent.
The low and high ends of the market saw positive sales activity while homes priced between $150,000 and $1M experienced modest declines of between 4.3 and 8.5 percent. Rentals of single-family homes and townhomes/condominiums remained strong. HAR will publish its October 2023 Rental Home Update next Wednesday, November 15.