April 2023: Houston Housing Market Update

Here are the market numbers for April 2023, along with some thoughts about whether it's a good time to buy or sell:

New Listings: The number of new listings in April was 8.6 percent smaller than it was last year. Last year at this time, there were 12,329 homes listed on the MLS, but this year there are 11,263. Insight: The drop in new listings shows that the market for sellers is getting a little bit more competitive. But the gap is not very big, which shows that the market is fairly balanced.

Compared to April 2019, new listings are 14.7 percent behind where they were before the pandemic. There were 13,210 new listings in 2019, which shows that the number has gone down. Insight: There aren't as many new listings as there were before the pandemic, which could make it more of a seller's market. Less competition for those with "turn-key" homes.

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Pending Listings: There were 2.8% fewer pending listings in April than there were in April of last year. Last year at the same time, there were 9,248 open listings for single-family homes, but this year there were 8,988 contracts. The slight drop in pending listings means that homes are going under contract at a slightly slower rate. This could mean that the market is fairly balanced, with chances for both buyers and sellers.

Compared to April 2019, when there were 8,645 open listings, the number of pending listings is now 4% higher. Insight: There are more pending ads than there were before the pandemic, which shows that buyers are still interested in the market.

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Active Listings: There were 68.1 percent more single-family homes for sale in April than there were in April of last year. Last year, there were 11,763 live listings, but this year there were 19,774. Insight: The big rise in active listings shows that there are more houses for buyers to choose from, which means it's a buyer's market.

Before the pandemic, April's live listings were 21,4% less than 2019's total of 26,603. Insight: There aren't as many open listings as there were before the pandemic, but there major negotiation opportunities for those willing to engage in the market.

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Single-Family Home Closings: Compared to April 2022, the number of single-family home closings in April 2023 dropped by 18.4%. There were a total of 7,310 units sold, compared to 8,955 units sold the year before. Insight: The drop in closings could mean that sales are going slower, which could be good for buyers because they could have more bargaining power.

Compared to April 2019, when there were 7,666 closings, there will be 4,6% fewer in April 2023. Insight: There aren't as many closings as there were before the pandemic, which shows that the market is moving a little bit slower.

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Property Showings: There were 1.5 percent more property showings in April 2023 than in April 2022. There were 195,238 showings. The year before, there were 192,282 showings. Insight: The rise in property showings shows that buyers are still interested, which could mean that the market is getting more competitive.

Before the pandemic, the number of showings in April 2023 was 8.2 percent higher than the number of showings in April 2019 (180,432). Insight: There are more showings than before the pandemic, which shows that buyers are still making an effort to find the "right" home for their needs.

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Based on the information given, the market seems to be moving toward a buyer's market. If you have questions about the real estate market for your specific neighborhood or an area you are considering to move into, please give me a call and I will be happy to provide more specific information to help you make a decision for specific information.

Matt Reyes, Broker - broker@marathon.realty - 832-827-3545