HAR Report: On a year-to-date basis, the average single-family home price was statistically flat at $412,161 while the median price fell 2.5 percent to $330,000. Total dollar volume for full-year 2023 fell 12.6 percent to about $40B.
Houston’s lease market had a strong 2023 as prospective buyers secured homes to rent until they are prepared to resume the buying process – most likely once they observe stability or declines in mortgage interest rates and are convinced that inflation is no longer a concern. HAR will report on rental trends in the December 2023 Rental Market Update, to be released next Wednesday, January 17.