Houston homes are more expensive than last year

Houston homes were more expensive in January than a year ago, but our home prices are still below the national average.

Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.

By the numbers: Houston's median home sales price was $315,000 in January, up just 1.7% from last year and down 4.6% from December.

• Sales were down 31% compared to last year, according to the Houston Association of Realtors.
• Inventory was up 53.6% from last year.
• The median length of time homes sat on the market was 50 days in January, up from 27 days last year.

Zoom out: Nationally, median home sales prices have crept up 1.3% from a year ago.

• The national median home sales price in January was $383,000.
• Sales fell for the 12th month in a row, according to the latest data from the National Association of Realtors.
• As demand falls, homes sit on the market a little longer, which gives buyers a little more room to negotiate.

What's next: Spring, which is typically marked by high demand, more competition and higher home prices, is right around the corner.

• If spring 2023 follows typical trends, we should expect home prices to rise again in the near future.
• Yes, but: Experts predict 2023 will see a far less frantic housing market than in 2022.

The bottom line: We're starting to see a moderate market correction, but home values aren't falling, yet.