National Picture as Houston Home Sales Enter Spring

A brief review of the national picture is more encouraging for Houston home sales than has often been the case of late—but is also a bit of a mixed bag:
• Existing home sales reversed a 12-month decline by rising a strong 14.5% in February, which marks the largest increase since mid-summer of 2020.
• The National Association of Realtors® announced a housing inventory of 980,000 units at the end of February, which amounts to a hefty 15.3% rise from the previous year. Even so, overall the housing supply shortage remains a significant factor for Houston home seekers.
• Median existing-home prices (all housing types) were essentially flat: the $363,000 figure was down .2% from the previous year. The data from March may reverse that.
• Although the spring home buying season started early this year, since fewer home buyers were out looking than had been true over the previous two years, the continuing lack of inventory meant many still faced what Zillow.com called “stiff competition.”
• The first week of every month supplies a number of important economic indicators—and last week’s scattered showings led to a drop in the nation’s average 30-year mortgage rates. Mortgage News Daily found that the average lender “made it down to the lowest fixed rates since early February.” A slight bounce on Friday didn’t go far in undoing the welcome news.
The latest Houston listings include unique opportunities for this spring’s buyers. Call Rinnovare Realty, LLC at (832) 445-4957 or visit us at www.rinnovarerealty.com for a compilation of those that best fit the features you are looking for—as well as a professional reading of their competitive position in this April’s Houston market!