Houston home sales stumble as housing market continues to cool

Houston home sales stumbled again in September, declining for the sixth consecutive month as the local housing market continues to cool.

The Houston Association of Realtors reports sales were down 17% last month compared to September of 2021. Year-to-date home sales are down 5.1% compared to last year.

Mortgage rates above 6% and home prices in Houston that have stayed fairly high despite the sales slowdown are the biggest factors discouraging potential homebuyers. Many have stayed on the sidelines, hoping rates and prices will drop over the next year.

"I don't think they're going to come back down 20% to where they were before the pandemic, but I do think they are going to start to settle a little bit and you might see sellers, after a few weeks on the market, deciding to do those small price reductions," HAR Chair Jennifer Wauhaub said.

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