New listings added to the Spring Texas real estate market catapulted 32% last week. The holidays are over and homeowners have put their moving plans into action. Buyers snatched up the new homes on the market skyrocketing the homes under contract by 34%. But not all of the new listings were absorbed by buyers increasing the months of inventory by 6.7%. Price decreases have dropped 88% lower than what we saw the week before Christmas.
Mortgage interest rates have drifted down into the high 5s / low 6s and buyers are taking advantage of the lower rates. Currently out searching for homes are first time homebuyers, buyers relocating from California, and Exxon Mobil buyers. Already this week, I’ve had a first time homebuyer go into contract along with 2 listings going into contract.
The local Spring Texas real estate market is not all doom and gloom. National headlines are just that National. Want to know what’s really going on in the local real estate market, then reach out to Jill Wente, Top Rated Spring Texas Real Estate Agent I’m happy to answer your questions. Market stats are from the Houston Association of Realtors for Spring Texas for properties classified as single family homes for the week of January 10 – January 16, 2023.
