The Housing Market in Houston as of October 2022.
We have entered SPOOKY Season! With cooler weather, we are seeing a cooler housing market. Driven by interest rate hikes and consumer fear. Not all
is lost as we will cover.
Mortgages Rates
The amount of active listings is up over 30% from last year. Reports showed about 35,000 Active listings as of Sept. 2022. This means buyers are starting to
have way more options. Furthermore, I would be amiss if I did not mention the interest rate hikes. Current FHA rates are sitting around 6.7% and 6.9% for
Conventional loans.
Sales Volume
Sellers may start to worry about rates. However, I am optimistic, especially from what we are seeing in the $500k+ Market in Houston where sales volume
continues to rise. For those homes under $400k, they are filling the void we have had over the last 2 years. A void is caused by low inventory in these
ranges.
Texas Economy
Texas’s economy as a whole is remaining sturdy. That being said Unemployment is higher than the national average. Experts believe this is
caused by a large flow of workers from out of state moving to this state driving the number.
This is the market update for October 2022! Contact me with any of your real
estate questions.
Thank you for reading!
Sincerely, Evan