HOUSTON, Texas -- June marked the second consecutive month of declining home sales compared to 2023 levels, according to the Houston Association of Realtors' June market update. This sales slowdown also coincided with an increase in available homes, according to the report.
The video above is from a previous report.
According to HAR's June market update:
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All housing segments saw sales dip in June, according to the report. Additionally:
Single-family months inventory increased to 4.3, compared to 3.0 last June. Months inventory estimates the number of months it will take to deplete the current active inventory based on the prior 12 months sales activity, according to the report.
HAR Chair Thomas Mouton said consumers are adopting a cautious approach due to elevated mortgage rates and higher prices.
"While there are more options available for homebuyers, affordability concerns continue to be a major hurdle," Mouton said in the report. "Many consumers are taking a wait-and-see approach due to elevated mortgage rates and higher prices, and some are ultimately choosing to rent."
This article comes from our ABC13 partners at Community Impact Newspapers.