Latest data on the Spring Texas housing market shows sellers adjusting to market conditions with 129 listings taking price reductions in the last week. Buyers have more selection with 756 active homes to choose from. With only 1.6 months of inventory sellers are still firmly in control of the market. The increase in active listings hasn’t turned the tables on who’s in control of the real estate market.
The increase in mortgage interest rates is squeezing buyers budgets and turning would be buyers into renters. Homes are still going into contract with 179 Spring Texas homes currently in contract. The increase in homes is bringing back some popular buyer terms. Buyers are able to negotiate for the sellers to pay for the owners title policy. Buyers are able to negotiate for the sellers to provide a residential service contract. Sellers are considering accepting offers that are contingent upon the sale of an existing home. The Spring Texas real estate market is significantly more favorable to buyers than it was six months ago.
Market stats are from the Houston Association of Realtors for the week of September 13 – 19, 2022 for single family homes.
