The median sale price for existing homes continues to climb, reaching a new record of $426,900 in June. But as inventory rises, we’re seeing signs of a gradual shift toward a buyer’s market.

The National Association of Realtors (NAR) has reported that existing home sales dipped again in June, but there’s good news for Houston-area homebuyers! Here’s a breakdown of the latest trends:

Sales Down, Inventory Up

Existing home sales fell 5.4% nationally compared to May, and are down year-over-year as well. However, there’s a silver lining for buyers: inventory is on the rise. It reached a 4-year high in June, suggesting a possible shift towards a more balanced market.

Record-Breaking Prices? Maybe Not for Long

While the median sales price for existing homes hit a new high of $426,900, experts predict this rapid price acceleration may be slowing down. Houston residents may soon see some stabilization.

Buyers Gaining Leverage

NAR reports homes are sitting on the market longer, with sellers receiving fewer offers. This means buyers have more negotiating power and can be more selective. Additionally, more buyers are requesting inspections and appraisals – a sign of a more cautious market.

Who’s Buying?

First-time homebuyers and investors are a significant portion of the market, with first-timers accounting for 29% of sales. Cash buyers also make up a sizeable chunk at 28%.

Houston Market Specfics

The national report doesn’t provide Houston-specific data, but the overall trends suggest a potential shift in the Houston market too. With rising inventory and potentially stabilizing prices, this could be a good time for Houston homebuyers to consider entering the market.

Ready to Make Your Move?

At Texas Mortgage Genius, we specialize in helping clients purchase or refinance their mortgage loans, serving the Houston, TX area and surrounding regions. Our quick and easy process is designed to get you into your dream home or optimize your current mortgage in no time.

Visit info@texasmortgagegenius.com or call us right away at 281-674-7300 to see how we can assist you. We’re on standby and ready to help you with your mortgage needs!