The Housing Market in Houston as of November 2022
Feels like the end of the year is moving so fast! By the time you see this Thanksgiving will be next week * Yikes * Hopefully you have plans to spend a
few minutes with your loved ones. I am grateful to all of you that read this. On to the market…
Mortgage Rates
New numbers have come out concerning Inflation. Remember the Fed really wanted to see this number lower before they slowed doing their interest rate
hikes. CPI (Consumer Price Index) is the number used to measure Inflation, not always the most accurate but what we use, fell from 8.6% to 7.7%. That means
rates are down a tickle. Current FHA rates are around 6.6% and Conventional loans are around 6.7%.
Housing Inventory
The total number of New Construction permits is down. That being said Houston is leading the way in the number of New Construction permits.
Houston is ahead of both Austin and San Antonio. Lumber prices have fallen which should help with the cost. The number of Active listings is increasing means more opportunities for buyers
Price
Inventory is up and the market is moving in a more balanced direction. Austin is the only Metro area in Texas that has seen a reduction in house prices. Austin’s
median home prices fell by around $20,000. Houston, DFW, and San Antonio have all seen a continued rise in median house prices. Homeowners this means you are likely still continuing to gain in value.
Strength of Texas Households
In closing, a survey by the Census bureau polling homeowners asking them what their likelihood of foreclosure was painted a positive picture. Over the last
2 years, about 20% said they might be at risk for Foreclosure. This year that number is closer to 8%, Which means Households’ financial stability seems to
be strengthing.
This is the market update for November 2022! Contact me with any of your real estate questions. Thank you for reading!
Sincerely, Evan
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