For much of the past several years, the story of American housing was scarcity. Buyers competed for too few homes, and sellers held the upper hand. New national data suggests that chapter is fading.
What the latest numbers show
According to the National Association of Realtors, existing-home sales fell 2.0% in August from July and were down slightly from a year earlier. Inventory rose to about 1.62 million homes, which equals 4.9 months of supply at the current sales pace. That was described as the highest reading in more than a decade. Meanwhile, mortgage rates climbed back above 7% in late September, according to Freddie Mac.
What months of supply means
Months of supply estimates how long it would take to sell every home currently listed if no new listings arrived. Very low readings favor sellers. Readings near five to six months are often described as closer to a balanced market, though definitions vary. A national figure near five months does not mean every market is balanced. Many areas, including parts of the Houston region, may be above or below that level, and conditions can differ block by block.
What it means for buyers
More supply usually means more choices and more time. Buyers today can often tour more homes, ask for inspection repairs, and negotiate on price or closing costs more than they could a few years ago. Higher rates offset some of that advantage, so the goal is to use your negotiating room wisely. Seller-paid concessions, such as funds toward a rate buydown, can sometimes do more for your monthly payment than a small price cut. Ask your lender to model both options. This is educational information, not financial advice.
What it means for sellers
A more balanced market rewards preparation and realistic pricing. Homes that are priced right from the start, show well and are easy to see tend to sell. Homes priced for the market of a few years ago often sit, and extended days on market can invite lower offers. Study your competition, including new construction, and be ready to discuss concessions that help buyers without giving away more than necessary.
What it means for everyone
Balanced markets tend to be healthier for the long run. Decisions get made on fundamentals such as location, condition, value and fit, rather than fear of missing out.
Let’s talk about your local market
National data is a useful starting point, but your decision depends on your neighborhood. The Audra O’Neal Team tracks conditions across the Houston area, from Memorial and the Heights to Katy, Cypress and Fort Bend County, and can show you how your local market compares. Call or text us any time.
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The Audra O’Neal Team | ONTX Realty Partners
Call or Text: 281-972-8200
Email: ONealTeamRocks@gmail.com
Web: http://www.ONealTeamRocks.com
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