Houston home sales continue to decline

Houstonians purchased fewer homes this September than in September 2021, according to a new report from the Houston Association of Realtors (HAR).

Driving the news: A new sales report shows September single-family home sales decreased from 11,313 in 2021 to 9,387 in 2022, a 17% difference.

Yes, but: Homes sold for more than $500,000 saw an increase, according to the report.

• Sales of homes priced between $500,000 and $1 million increased by 12.6%, while sales of homes over $1 million rose 7.2%.

What they're saying: "Because of a lack of homes priced below $400,000, the market as a whole is slowing to levels we were accustomed to before the pandemic [started]," HAR Chair Jennifer Wauhob said in a statement.

Why it matters: The numbers show that homebuying continues to decline in Houston as modestly priced homes become scarcer.

• "The most encouraging news of all is the gradual build-back of inventory, which should yield more options for consumers going forward," Wauhob said.

The number of homes on the market also continues to climb.

• There are currently 35,694 single-family home listings, compared to 26,179 this time last year.