CQ Brief: May Edition

CQ Brief: May Edition

Welcome to the May Market Update 

Summer is here! As we are starting to plan our summer activities, it's important to stay up to date with the real estate market. . Whether you're an agent, investor, buyer, and more, it's crucial to know all the facts when it comes down to the real estate market.
 
Not only that, but we also have all the information you need to keep up to date with what's going on in Houston! From activities, to news, business, and more! We find it a key factor to know what's going on around us when selling houses in the Houston area.
 

What's Happening in Houston! 

New trendy Mexican steakhouse Toca Madera is set to open June 4th. The 14,000 square foot restaurant includes an outdoor patio, two bars, a speakeasy lounge and more!
 
Houston Methodist and Legacy Community Healthy have broken ground in Pasadena on a $20 million health clinic. The clinic is expected to serve about 50,000 patients in the area.
 
 

Real Estate Market Quick Take:

  • Prices have already risen 6.8% over the past three months, landing only 2.2% below the all-time high reached in June 2022. Additionally, the median list price per square foot hit an all-time high in April 2024.
  • Mortgage rates rose nearly a half a percentage point in April due to changing Fed rate cut expectations, hitting the highest level yet in 2024. The Fed has expressed that inflation is taking longer to settle at 2% than originally expected, so higher rates will likely be here for most — if not all — of 2024.
  • Sales fell 4.3% month over month, and inventory rose 4.7%. The combination of rising prices and interest rates priced buyers out of the market, which dropped sales.

Closing costs put under microscope

The compulsory purchase of insurance by a mortgage borrower to protect their lender from a loan default is under investigation, according to a report from the leading financial news agency, Bloomberg.

Read More

Houston Area Market Data

 

Months of Supply Inventory fell over the past three months, indicating a shift back to a sellers’ market for single-family homes

Months of Supply Inventory (MSI) quantifies the supply/demand relationship by measuring how many months it would take for all current homes listed on the market to sell at the current rate of sales. The long-term average MSI is around four to five months in Texas, which indicates a balanced market. An MSI lower than four indicates that there are more buyers than sellers on the market (meaning it’s a sellers’ market), while an MSI higher than five indicates there are more sellers than buyers (meaning it’s a buyers’ market). MSI trended higher in the second half of 2023, indicating a shift in the market from favoring sellers for single-family homes and condos to a more balanced market. From February to April 2024, however, MSI fell significantly, indicating the housing market now favors sellers for single-family homes, is balanced for condos, and favors buyers for high-rise condos.

Featured Development for May 

Introducing Greyden Estates | A community of one & two level contemporary residences. Multiple floor plan options designed for the modern lifestyle, with living areas on the main level, 11’ ceilings, balconies, sizable private yard spaces. Level I is complete w/ wide-plank luxury vinyl flooring, dine-in kitchen garnished w/ SS appliances, select plumbing fixtures, modern quartz countertops & euro style cabinetry. For homes with two levels, they feature the Owners Primary Suite, two guest suites, & a vast game room. The expansive window lined primary bedroom is complete w luxury vinyl flooring, a stunning bath complete with dual vanities, freestanding soaking tub, glass enclosed shower & a massive dual walk-in closets with built-ins. Substantial secondary bedrooms are both en-suite with walk-in closets & tub/shower combos. *This Home is currently Under Construction - Est. Completion Feb/March of 2024*
 
  
 
That's it for this month! Make sure to check back every end of the month for a new CQ Brief update! 

 


Recent Blog Posts

Stay up to date on the latest real estate trends.

CQ Brief: May Edition

Summer is here! Prices have already risen 6.8% over the past three monthslanding only 2.2% below the all-time high reached in June 2022. Additionally, the median list … Read more

CQ Brief: April Edition

Goodbye April and hello May! The end of the month came fast, meaning it's time to have another monthly market update. Mortgage rates fell slightly in March, closing th… Read more

CQ Brief: March Edition

Happy Easter! Can you believe March is already over?! From Foodieland coming to NRG this upcoming weekend to new developments in the Cypress area, we've got you covere… Read more

CQ Brief: February Edition

March is here and we all know what that means, Rodeo time!! If you are a Houstonian, or new to Houston, you know that the rodeo is a must to attend. It's also time to … Read more

CQ Brief: January Edition

A new luxury high-rise off Buffalo Bayou promises coveted low and elite perks, and the $75 million Valencia development has started selling homes near new Manvel Town … Read more

CQ Brief: December Edition

Happy New Year, Houston! We closed out the holiday season with a slight drop in average sales price for single-family homes. Check out what else is happening in Housto… Read more

CQ Brief: November Edition

It's officially holiday season! From going to see holiday lights to the average sales price going up, we have you covered for the month of November.

CQ Brief: October Edition

Happy Halloween! The Ren Fest is back and a must visit. Meanwhile, the average sale price of homes has dropped by almost $10k.

Events

November 9: CE Class with Tim Hessler

Reading Personalities. If you plan to attend please rsvp to [email protected]

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