Houston homebuying is finally easier, but not cheaper

The Houston metro area's real estate market is starting to level off, according to the latest data from Redfin/MLS.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, buyers have waited a long time for a little relief.

What's happening: Mortgage rates started to surge in May and have since passed 7%, squeezing homebuyer budgets.

By the numbers: Inventory is up 21% and pending sales are down about 25% since May.

• Median home sales prices fell from $350,000 to $340,000 from May to September.
• Sellers are increasingly dropping their asking price. In September, 42% of listings had price cuts, up from 29% in May.

Meanwhile: A smaller share of homes sold above list price. Close to 20% of homes sold above list price in September, down from 46% in May.

• Homes are now sitting on the market more than twice as long. In May, homes sold in 11 days on average, compared with 26 days in September.

Yes, but: Monthly mortgage payments are significantly more expensive than they were a year ago.

The bottom line: Houston's market is calmer, but buying a home right now isn't necessarily cheaper.