While the median price in 2022 of $338,295 was higher overall than the previous year’s figure, a year-over-year comparison for the month of December showed only a slight difference, up to $310,000 from $309,000.Sales of single-family homes dropped 10.91% from 106,755 in 2021—the first time in seven years that total sales declined year-over-year.
“It was no surprise that 2022 ended the way it did given the economic forces that affected the market during the latter half of the year, most notably inflation, mortgage rates and persistently low inventory,” HAR Chair Cathy Treviño said in a statement.
The total number of homes sold in 2022 was similar to the number sold two years ago, with 95,113 in 2022 and 96,271 in 2020.Rental market
As for rentals, the number of single-family rental listings was up 19% in 2022 compared to 2021, according to a Jan. 19 report from HAR.
Treviño said rental properties filled a “critical need” for people putting off buying a home to when economic conditions become more favorable.
“The rental market was definitely the bright spot for Houston real estate in 2022, and we expect it to remain robust in the new year,” Treviño said in a statement.
The average lease price for a single-family rental increased 5.5% between December 2021 and December 2022.