We are still on track for another record year for home sales in the Greater Houston Area, but cooler temperatures in October were accompanied by a slightly cooling real estate market. With less inventory to pick through, some buyers that don’t have an immediate driving need to purchase a new home took a break. Competition is still high in many areas, which is frustrating many buyers. Some buyers are tired of submitting strong, clean offers on properties only to find that once again they did not win the bidding war. This slight cooling trend could carry us through the end of the year until more owners put their homes on the market after the holidays.
Don’t let this slowdown fool you. This market still has plenty of wind to fill the sails in 2022 - strong local “move up” demand, domestic and international relocation to Texas, and low-interest rates, aided by the need for larger homes by people that now work from home and may educate children at home. 2022 should bring a very strong residential real estate market. It’s a good time to be a seller.
