Houston, Texas – (SeoXnewsWire) – July 13, 2023 – Bodebuilders, a prominent Real Estate company headquartered in Houston, Texas, shares a detailed observation on the recent housing market trends for the region in 2023.
The company has been closely watching the Houston housing market, which has been showing signs of easing declines after 14 consecutive months of slowdown. As per the May 2023 Market Update, single-family home sales have been down by 10.4 percent year-over-year, marking a notable recuperation since June 2022 when the volume plunge was at 7.6 percent.
Bodebuilders appreciates the indications of possible improvements in housing conditions. That is evident from the comparative data showing home sales being down by a mere 1.3 percent when observed versus the pre-pandemic scenario of May 2019. Houston’s home inventory also stands well above the historic lows experienced in 2022, hinting at a promising phase for potential homebuyers amidst the bustling homebuying season.
Unfortunately, although the sub-$100,000 housing sector underwent declines in May 2023, single-family rentals continued to capitalize on robust consumer demand. This trend resonates with many prospective homeowners leaning towards rental homes due to instability over interest rates and rising inflation. There is unlikely to be a housing crash in Houston anytime soon. Bodebuilders noted the data will be officially published by HAR in its Rental Home Update on June 21.
“We echo the sentiments expressed by the HAR Chair, Cathy Treviño. We are more than aware of the unforeseeable influences that are currently out of our control, including the looming potential for increased interest rates, deepening inflation, or even a recession,” said Bodebuilders CEO. “We remain hopeful but vigilant, understanding that these factors could impact the momentum of home sales.”
The price for single-family homes, unfortunately, experienced its fourth decline since spring 2020; the average price fell by 1.6 percent to $431,378, and the median price fell 3.1 percent to $340,095.
Bodebuilders is a leading Real Estate company based in Houston, Texas. Over the years, it has built a strong reputation for delivering reliable and efficient services in the buying and selling of homes in Houston. Guided by its commitment to client service and integrity, Bodebuilders continues its dedication to innovation and quality – helping clients navigate the fluctuating housing market in the region.
For more information, please visit www.bodebuilders.com