Real Estate News

---

Houston:

· Houston is currently in a Seller’s Market but really close to being a neutral market, which means houses are priced higher and selling faster but buyers are also getting good deals.

· The median house price was $315,297 ($165/sqft) which is down only 0.6% from a year ago.

· 3 Bedroom homes were sold at a median price of $299,800 (Down 3.4% from a year ago) and 4 Bedroom homes were sold at a median price of $361,000 (Down 2.7% from a year ago).

· There were 12,772 houses that were put up for sale, which is up 14.7% from May 2023. So, more people are putting their houses on the market because school has finished, and the summer housing market is getting ramped up.

· There were 2,315 homes sold in May which is 129 less (5.3%) than April.

· 59% of homes are being sold under listing price and only 19% of homes are being bought over asking, which means if you are a buyer, you can get a good deal in this current market.

· The average sale time was only 34 days in May. 65% of homes sold were sold in less than 30 days. This means as a seller you can expect a quick sell, and as a buyer you should expect to act quickly on homes that you like while searching.

 Cypress:

· Cypress is currently in a Seller’s Market, which means houses are priced higher and selling faster.

· The median house price was $379,463 ($159/sqft) which is up 1.2% from a year ago. This price shows bigger homes with less per sqft than Houston.

· 3 Bedroom homes were sold at a median price of $310,000 (Up 1.1% from a year ago) and 4 Bedroom homes were sold at a median price of $414,300 (Up 2.2% from a year ago).

· There were 1,904 houses that were put up for sale, which is up 18.3% from April 2024. There were also 437 homes that were bought which is an increase of 10.6% from April. So, more people are putting their houses on the market now that school has ended, and the summer real estate market is ramping up.

· 59% of homes are being sold under listing price and only 20% of homes are being bought over asking, which means if you are a buyer, you can get a good deal in this market.

· The average sale time was only 34 days in May. 68% of homes sold were sold in less than 30 days. This means as a seller you can expect a quick sell, and as a buyer you should expect to act quickly on homes that you like while searching.

Market Summary:

  As you can see from the market statistics, the housing market is about to reach the busiest time of the year and if you are ready to buy or sell, now is the time and I’d love to work for you and get you the best deal for yourself. If you are a seller, you can sell your house in 3 weeks, and if you are a buyer, you will be able to get a deal under the asking price.  According to Freddie Mac, the interest rates were very volatile throughout the past few months but have started to trickle down a bit. It got up to an average 30-Year at 7.25% on May 15th but was back down to 7.11% by May 31st. With an election looming in November, it is almost certain that the Fed will cut rates a couple times, but there is no projection for when. We were expecting more cuts by now, but with inflation staying higher than normal, there have not been any cuts.  Buyers must be aware that even though interest rates are expected to trickle down slowly, the sellers have the incentive to raise prices as soon as buyers see lower interest rates. My suggestion as always is to buy as soon as you can and refinance when the rates drop to what you are comfortable with. With me as your Realtor, I can navigate you to getting interest rates in the 5% range which will save you so much money on monthly payments and make buying a home a lot more affordable.