CQ Brief: November Edition

Welcome to the November Market Update

The holiday season is officially upon us! From festive markets to Thanksgiving gatherings, November in Houston is filled with cozy events and seasonal cheer. Get ready for a month packed with holiday fun! Whether you're an agent, investor, or buyer, it's crucial to know all the facts when it comes down to the real estate market. We provide all the insights you need to stay connected with Houston’s latest happenings—covering everything from events and news to business updates and beyond. Staying informed about our community is essential when selling homes in the Houston area. After all, we’re not just selling houses; we’re presenting a lifestyle.

Día de los Muertos- Nov 1 💀

Stop by Discovery Green for this traditional Mexican festival that features a large calavera, hands-on art activities, art cars, live performances, and more to honor those who have passed on.

Veteran's Day Festival- Nov 11 🇺🇸

With over 250,000 veterans, Texas proudly honors its military community through the annual 'Veteran's Day Celebration' featuring keynote speaker Vice Admiral Jones W. Crawford III.

Nutcracker Market- Nov 14-17 🛍️

Kicking off the holiday season, the Houston Ballet Guild’s Nutcracker Market at Reliant Center offers a delightful mix of holiday decor, gourmet foods, fashion, jewelry, and more—a festive shopping tradition!

Houston Thanksgiving Day Parade- Nov 28 🦃

Be sure to catch the 75th Annual H-E-B Thanksgiving Day Parade on November 28, 2024, at 9 a.m. in downtown Houston!

Quick Take:

Affordability improved dramatically in Q3 2024 with the monthly mortgage payment for a 30-year loan down 10%. Prices are contracting slightly, which is the seasonal norm.
In September, the average 30-year mortgage rate declined for the third month to 6.08%, a 1.14% drop from the 2024 high reached in early May. The Fed also cut rates in September and will likely continue cutting them over the next six months.
Sales declined 2.5% month over month, falling to the lowest level in modern history, while inventory rose to its highest level since 2020. Better affordability hasn’t yet translated to higher sales.

Mortgage costs are falling, so it's time to prepare for a sale

Upgraders will be one group of buyers who'll be happiest with the recent 0.5% cut in interest rates and the resulting fall in mortgage costs that it will achieve.

A challenge for many owners seeking to sell has been the relatively expensive cost of borrowing money to buy a bigger home.

Houston Area Market Data

Featured Development

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That's it for this month! Make sure to check back every end of the month for a new CQ Brief update!