Houston Home Sales Cool as interest rates climb in October

[Jhoana Olarte]

• Single-family home sales fell 22.8 percent year-over-year, the seventh consecutive decline of 2022 as the market returns to pre-pandemic levels;
• All housing segments experienced negative sales in October. The smallest decline in sales Days on Market (DOM) for single-family homes grew from 32 to 43 days;
• Total property sales were down 22.7 percent with 8,223 units sold;
• Total dollar volume declined 18.4 percent to a little over $3 billion;
• The single-family average price rose 7.2 percent to $403,712;
• The single-family median price increased 8.4 percent to $330,500;
• Single-family home months of inventory registered a 2.8-months supply, up from 1.8 months a year earlier. That is the greatest inventory level since July of 2020;
• Townhome/condominium sales experienced their fifth consecutive monthly decline, falling 19.4 percent, with the average price up 9.3 percent to $269,936 and the median price up 3.9 percent to $226,500.