First Time Home Buyer’s Housing Market Report - April 2023
Hello and welcome to Houston First Time Home Buyers Edition, formally First Home Houston (FHH), where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home.
I hope you guys are having a great week. Let's take a look at the most recent (April 2023) market report. The average price for a single-family home fell 1.3% to $419,929 which is below the high of $438,301 reached in May 2022, while the median home price fell 3.6% to $331,00, which is also below the high of $353,995 reached in June of 2022.
With current mortgage rates still inching its way to what maybe 7%, some home buyers have decided to wait and see what will happen next. Inflation is currently a bit below 5%, down from a high of 9.1%. However, I think rates will continue to fluctuate until inflation is reduced to the Fed's 2% target.
Months of inventory is 2.7 percent, up from 1.3 a year a go, and the actual time it took to sell a single family home, grew from 34 to 55 days. All things considered, that is not really bad. Homes priced from $500,000 to $1 million fell 22.0%, taking homes priced above $1 Million with it, which is also down 22.4%. Homes priced between $100,000 - $149,999 saw a decreased of 30.3 percent. While homes within $150,000 - $249,999, fell 12.2% and homes within $250,000 - $499,999 fell 19.7%.
All things considered, Houston housing market is still doing better than most. Remember, that along with the sun, there has to be a little rain sometimes. Don't forget to take your umbrella with you. It may pour a bit:)
As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
Source: Wall Street Journal
Source: Houston Association of Realtors
