Houston’s housing market is finally slowing - but it’s not slowing as quickly as many other destinations that became hotspots for migration during the pandemic, research from Redfin suggests.
A real estate sign of an area realtor is displayed outside a home for sale Thursday, July 30, 2020, in Houston. Since then, median home prices have climbed by double digits, but the market here wasn’t as red-hot as other pandemic-era migration hot spots such as Austin, Phoenix, Boise and Sacremento, so the shock of the slow down here won’t be as sharp.finally slowing
The share of so-called “stale” listings in Houston - or homes that sat on the market for longer than 30 days - jumped by about 10 percent in the Houston area in July,. Now about 60 percent of homes are sitting on the market for 30 days or longer in Houston. Home sellers might be in for a bit of shock as homes linger on the market and they consider offers for less than asking prices, but the slight cooldown is welcome news for buyers.
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