THE DATA:

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• Installations: Feb 2024: 501 | Feb 2023: 367
  - Up by 27.7%
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• Removals: Feb 2024: 402 | Feb 2023: 350
  - Up by 12.9%
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• Other Services: Feb 2024: 196 | Feb 2023: 230
  - Down by 14.8%
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• Rebills: Feb 2024: 141 | Feb 2023: 88
  - Up by 31.6%
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THIRD PARTY DATA:

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• Total Home Sales: Feb 2024: 1,570 | Feb 2023: 1,456
  - Up by 7.8%
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• Median Home Price: Feb 2024: $314,736 | Feb 2023: $331,395
  - Down by 5.0%
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• Avg Time on Market: Feb 2024: 47 Days | Feb 2023: 42 Days
  - Down by 11.7%
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• Number of Homes for Sale: Feb 2023: 8,833 | Feb 2024: 10,826
  - Up by 22.6%
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WHAT IT MEANS

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• This data is extremely promising. With the drop in the median home price, buyers are more eager to enter the market than this time last year. Home sales were up this month when compared to 2023, and are staying on the market for less time, which indicates a larger pool of eager homebuyers in Houston. Buyers are feeling more relieved this year as interest rates are falling slowly but surely, leading to an increase in people feeling comfortable enough to finally take a swing at owning a home.
• In February 2024, the Houston real estate market exhibited some interesting dynamics. Total home sales saw a notable uptick, rising by 7.8% compared to the same period in 2023. This increase suggests a healthy level of activity across the market, with more properties changing hands. However, despite the rise in sales volume, there was a contrasting trend in median home prices. The median home price decreased by 5.0% from February 2023 to February 2024, indicating a softening in pricing. This divergence between increased sales and decreased prices could be attributed to various factors such as shifts in buyer preferences, changes in inventory, or adjustments in the local economy.

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FUTURE OUTLOOK
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• In the coming months, Realtors in the Houston area can anticipate a dynamic and competitive market landscape. Increased stock of homes coming on the market is expected to continue, meaning more opportunities for you. Sellers can expect lower market values, which presents itself with unique challenges , while buyers could benefit from a more balanced market with favorable pricing conditions.
• The Houston real estate market presents opportunities for savvy Realtors who are proactive and adaptable. By staying informed and client-focused, real estate professionals can navigate the intricacies of the market and achieve success in the months ahead.

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WHATS NEXT?

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• We expect to see interest rates fall steadily for the rest of 2024 ahead of the November election. This should lead to a further increase in housing demand. Buyers are breathing a sigh of relief for the first time in a very long while, and the tides are finally shifting. Lock and load realtors, it's going to be an exciting next few months.

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