Houston Housing Market Report For November 2024

Hello and and welcome to 2025. Let’s begin with some very good news. Some may even say “great” news. The current Annual inflation for the 12 months ending in November 2024 is 2.75%. This is “great” news for everyone. If you remember back in June 2022 when inflation peak at 9.06% and prices on everything seem as if they increasing almost hourly.

Let's now take a look at the most recent market report. The average price of a single-family home rose 4.1 percent to $418,903 which is below the high of $438,301 reached in May 2022, while the median home price stepped up 1.5% to $329,990, which is also below the high of $353,995 reached in June of 2022.

With current mortgage interest rates exceeding 7% as of this morning, some first time home buyers have decided to wait and see, even with inflation now sitting at 2.75%, down from a high of 9.6%

Months of inventory grew from 3.5 to 4.4 and the actual time it took to sell a home, grew to 52 days from 48 days. All things considered, that is not really bad. Homes priced at $500,000 to $1 million increased 13.3% taking home priced above $1Million with it, which is also up 21.4%. Homes priced between $100,000 - $149,999 saw a decreased of 8.3 percent. While homes within $150,000 - $249,999, increased 10.1% and homes within $250,000 - $499,999 had a smaller increase of only 3.3%.

All things considered, Houston housing market is still doing better than most, but along with the sunshine, 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: Source: Houston Association of Realtors

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