Houston Real Estate Market Update - April 2024

houston market report

INVENTORY CONTINUES TO BLOOM AS HOUSTON HOME SALES DIP IN MARCH

All housing segments were affected by the first sales decline of 2024

HOUSTON — (April 10, 2024) — As the spring homebuying season got underway in March, the Greater Houston housing market continued to blossom with a robust inventory ready to meet impending demand. Active listings remained strong year-over-year amid the first sales decline of 2024.

According to the Houston Association of Realtors’ (HAR) March 2024 Market Update, the Houston area saw a 7.5 percent dip in single-family home sales compared to last March. The Houston Multiple Listing Service (MLS) recorded sales of 7,334 units compared to 7,926 in March 2023. Months supply of homes climbed from 2.6 to 3.5, matching a level last seen in October and November 2023.

All housing segments experienced slower sales in March. The low end of the market saw the biggest decline with the sales down 28.9 percent while the luxury segment ($1 million+) saw a modest decline of 0.4 percent. There was no let-up in demand for rentals of single-family homes in March. HAR will publish its March 2024 Rental Home Update on Wednesday, April 17.

“We're seeing a spring cleaning of sorts in the housing market,” said HAR Chair Thomas Mouton with Century 21 Exclusive. “The rise in active listings indicates more homeowners are testing the waters and putting their properties on the market, but some buyers may be taking a cautious approach due to continued interest rate fluctuations."

Source: HAR