Home sales skyrocketed by 113% week over week. No, the Spring Texas real estate market is not out of control. The prior week had fewer home sales recorded because lenders and title companies were closed 2 days for the Thanksgiving holiday week
New listings shot up 123% week over week. The Thanksgiving holiday was the cause of the increase in new listings over the prior week. At 98, this week’s new listing counts falls within the range of the new listings that we’ve experienced over the last nine weeks.
Homes under contract jumped 49% week over week. Mortgage interest rates dropped due to a lower than anticipated inflation report. Home buyers jumped on the lower interest rates and secured homes. Total Spring Texas homes available for sale dropped to its lowest level in 10 weeks. New listings did not keep pace with the increase in buyer demand and pushed the months of inventory down to 1.7 months. Six months of inventory is considered a balanced real estate market with neither the buyers nor the sellers having a superior negotiating position. Less than six months of inventory is considered a sellers market. The Spring Texas real estate market is a sellers market. Yes, the buyers have more negotiating power than they did six months ago. Low inventory is keeping home prices stable.
Questions about the Spring Texas real estate market or what’s happening in your neighborhood? Reach out to Jill Wente, Spring Texas Realtor
Market stats are from the Houston Association of Realtors for the week of November 29 – December 5, 2022 for single family homes in Spring Texas.
