2022 was a roller coaster year for Houston real estate. Here's what's in store for 2023.
Johnny Dailey, left, and Aaron Dailey, right, talk about planning for a pool at their home Tuesday, Jan. 10, 2023, in Spring.When former Texas residents Barbara and Frank Israel wanted a place to retire last year, they knew they no longer could afford to live on San Juan Island, a picturesque enclave near Seattle.
The first half of the year saw the continuation of the sales boom unleashed by historically low mortgage rates earlier in the pandemic. But in the spring, the frenzied for-sale market started fizzling out as mortgage rates climbed in the wake of the Federal Reserves’ efforts to rein in inflation by raising its benchmark interest rates.
Retirees Frank and Barbara Israel found an unexpectedly competitive real estate market when they moved back to Houston in early 2022, just barely missing the steepest mortgage rates hikes in the middle of the year.Home sales started sliding in Houston in April 2022 and have fallen every month since then. In December home sales tanked by nearly 33 percent compared with December 2021, according to the HAR report.
They were outbid on three homes before focusing on properties that had been on the market longer. And they let go of several wish-list items. Eventually, they paid $70,000 under asking price for a home that had been on the market for 60 days. Though the design was outdated and the interior needed new paint, Dailey said they were happy with the home’s location near family in the City Place development.
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