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August 2022 Newsletter

Happy August!

With all of the real estate market headlines dominating the news, this month's e-newsletter provides a detailed update of the current real estate market in and around the greater Houston area! In an effort to keep you informed on how the Houston real estate market is doing around your block, we've also included neighborhood market reports, with real-time data, for each of Houston's most highly sought-after areas!

Stay tuned for our blog series breaking down the real estate market shift; including why this is the biggest opportunity that buyers AND sellers have had in two years, market projections for the rest of 2022, and an in-depth analysis of the real estate market headlines.

Read on for July 2022's Greater Houston Market Updatelive market updates for each of Houston's most highly sought-after areasthe latest homeowner equity report, and to see which Houston area zip codes made the top 10 list of the hottest in the country for real estate!

Greater Houston Market Update | July 2022

Home prices are still at the third highest they've ever been in the history of Houston real estate, however, the frenetic pace of home sales that have dominated the Houston housing market throughout most of the pandemic is starting to tap the breaks when it comes to the number of homes sold.

While it's still a sellers' market, buyers are starting to regain some negotiating power. CLICK HERE for the detailed update or read below for the highlights.

What Does the Houston Real Estate Market Shift Look Like?

If you read or watch the news, the real estate market everywhere is in turmoil! Real estate markets are, in fact, hyper-local. In Houston, the sky is not falling. 

Here is a look at six notable insights from the Houston Association of Realtors (HAR) July 2022 market update:

Home prices are still at RECORD HIGHS. Both the average and median sales prices are the third highest that they have EVER been in the history of Houston real estate.

The number of available homes on the market is at its highest level in two years. Inventory of homes, measured by how long it would take to sell everything on the market, jumped up 30% in July reaching a 2.5-months supply, up from 1.7 months a year earlier.

Less homes are selling above list price. After surpassing the 100% mark consecutively for the last three months, the average ‘close price to list price’ ratio fell to 98.9% in July. Meaning, that not all buyers paid above the list price in July 2022.

The $500K to $1M price range is still booming. The only housing segment that did not experience negative sales in July was the $500,000 to $1 million segment, which leaped up a staggering 40.6% on a year-over-year basis.

The number of single-family homes sold in July took a hit. The number of single-family homes sold in the greater Houston area in July 2022 was 17.1% below the pandemic-induced peak of 10,102 in July 2021 and much closer to the pre-pandemic level of 8,921 in July 2019.

Introducing our neighborhood market reports

The Kiecke Becker Group's website now includes neighborhood market reports for all of Houston's most highly sought-after areas! Each page is complete with REAL-TIME real estate market updates and the area's top trending listings!

The live market report data and trending listings are live for Katy, The Heights, Memorial, Memorial Villages, Garden Oaks/Oak Forest, River Oaks, West University, Cypress, Montrose, Tanglewood, Bellaire, Briargrove, Oak Estates, Southampton, and The Woodlands.

CLICK HERE to see how the market is doing around your block!

 
 

Home equity is at an ALL-TIME HIGH

Nearly half of all mortgaged homes in the U.S. were considered equity rich at the end of the second quarter of 2022, according to the 2022 U.S. Home Equity Report from ATTOM. This is up from 44.9% at the end of the first quarter of 2022 and up from 34.4% in the second quarter of 2021.

CoreLogic also just released its Homeowner Equity Insights report through Q1 2022. Here is a breakdown of the stats tracking average equity gains over the course of one year between Q1 2021 and Q1 2022:

  • Houston area homeowners gained an average of $46,500.
  • The state average was slightly higher at $54,000 in equity.
  • The national average was even higher coming in at $64,000.

In total, the nation's so-called tappable equity stands at $11 trillion. To put that in perspective, it is 2 times the previous peak in 2006!

CLICK HERE to read CoreLogic's full Homeowner Equity Insights report.

Three Houston area zip codes ranked among the hottest in the country for real estate! 

Two Katy area zip codes and one Cypress area zip code landed spots on the top 10 list of the hottest in the country for real estate! Katy's 77494 landed the seventh spot, Katy's 77493 came in ninth place, and 77433 in Cypress made its first appearance on the list by claiming the tenth spot.

Texas cities dominated with a total of six cities that made the top 10 list; New Braunfels, TX ranked fourth, Leander, TX took the sixth spot, and Forney, TX came in eighth. 

According to the recent OpenDoor analysis, "These hot zip codes show where demand from buyers is stronger than ever, and serve as a strong indicator to agents that there's an opportunity for growth..." 

The top 10 list was determined by cities with the highest number of homes that went under contract within 90 days during the first half of 2022. 

 

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