Spring Texas homes under contract skyrocketed 19% week over week. With the Fed meeting almost certain to bring another increase in the overnight borrowing rate, buyers scrambled to lock in interest rates. In addition, on May 1 the total fees borrowers will pay on conventional loans with Fannie Mae and Freddie Mac were readjusted. Not all borrowers were winners. The buyers/borrowers putting down less than 20 percent are getting hit with the steepest fee hikes.
New listings and buyers demand are staying step in step resulting in no change in the 1.4 months of inventory. With low inventory, sellers have zero incentive to discount off of the list price which is reflected in the 99% sales price to list price ratio. Median and average days on market is 25 and 57, respectively.
Price decreases were only 3% of total listings. We haven’t seen the percentage this low in over six months. The median home sales price was $320,000 with the average price being $386,872
When you want to know what’s going on with the Spring Texas real estate market, reach out to a local Spring Texas Realtor for invaluable market insight. If you have questions, reach out to, Jill Wente, Realtor® @ 281.804.8626
Market stats are from the Houston Association of Realtors for Spring Texas properties classified as single family homes for the week of April 25 – May 1, 2023