The Housing Market in Houston in January 2023
Happy New Year to all of you! In this month’s newsletter, we are going to be talking about the rough start to 2023. It will get better because after every
winter there is a spring.
Mortgage Rates
I always like to start with mortgage rates. The Fed has been eluding to them continuing to raise rates. Unemployment fell which is a positive sign that the
Fed wanted to see but will only slow the speed of increases. We will likely see close to 7% this year. Current FHA rates fall to 5.75% and Conventional
loans stay around 6.3%.
Real Estate Prices
Next is housing prices. Really interesting data here because inventory levels have increased. Depending on how much can cause housing prices to go up or
down. That being said since sellers are deciding to stay put it’s causing house prices to stay even. Houston we are seeing median home prices around
$330,000 with Texas having a median price of $334,000.
Young Adults Living At Home
In closing, we are seeing a change in housing culture. Per Prudential.com, 58% of young adults are living with their parents. This is happening for a few
reasons which are beyond this newsletter however it is my opinion that multi-generational homes are here to stay.
This is the market update for January 2023! Contact me with any of your real estate questions.
Thank you for reading!
Sincerely, Evan
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