With 440 homes on the market by the end of April, the Sugar Land real estate market had more than 4.5 months of inventory available for the first time since May 2020, according to data from the Texas A&M Real Estate Research Center.
The Missouri City real estate market stayed stable with 405 homes on the market by the end of April, staying above 360 homes available for the eleventh consecutive month, the first time since 2019.
Supply chain issues and record-low interest rates during the COVID-19 pandemic affected inventory levels, which were as low as 0.42 months of inventory locally in February 2020, Shae Cottar, chair of the Houston Association of Realtors, said. Homebuilders have since helped replenish that stock across the Greater Houston area, he said.
“I think that while a lot of times it's easy to look at the last five years and feel like that is the way it is, that's normal; if you look on a historical timeline, I think what we're actually seeing right now is a normalizing of the market,” Cottar said at the June 10 Houston Northwest Chamber of Commerce luncheon. “We're getting it back to something that's more sustainable because those 3.5% interest rates ... and those price points of $50,000 and $100,000 over asking—those things are not sustainable.”
