Even with a 24% decrease in new listings, inventory of total active listings is relatively unchanged from last week. Fewer Spring homes going under contract is keeping inventory unchanged. The jump in mortgage interest rates to the high 6 – low 7 percent range has moved buyers to the sidelines. Less competition has pushed some buyers off the sidelines and back into the market. Buyers are looking into alternative financing options and cash buyers are on the rise.
Buyers are concerned about the national economy and the possibility of a decrease in Spring Texas house prices. With listing inventory remaining low and months of inventory at 1.6 months, significant home price decreases are not in the near future for Spring Texas. Home price deceleration is cause behind the continual decrease in the list price of homes.
Market stats are from the Houston Association of Realtors for the week of September 20 – 26, 2022 for single family homes in Spring Texas.