During the past three years or so, almost everyone has said we needed more inventory. There just weren’t enough homes on the market to meet demand. We now have more active listings, but higher mortgage interest rates and higher prices have dampened that demand. In our most recent monthly MLS sales statistical report, which you may find here, you will see that Months Inventory has risen to 2.8 months, which is still solidly a seller’s market according to the traditional measure of 6.0 months being considered a “balanced” market. Active Listings are also up 45.4% compared to last year.
It always seems like the HAR Board of Directors election happens so early in the year—or that the year just speeds by so quickly—but it is that time again. You may find all of the candidates here. You may also go to har.com/election to read each of their candidate profiles and watch their videos. We have 28 candidates for the various positions, and you will receive your ballot to vote as an email from the third-party election firm BigPulse on July 31. You’ll have until August 7 to vote, but vote early so you don’t forget or miss out on your opportunity.
Just as we produce and distribute our monthly sales report, we also have our monthly rental report, which you may find here. The average lease price for single-family homes was flat last month, but townhouse/condo lease prices saw a slight increase. Actual lease activity was up strongly for both property classes though. Check it out and look for this report every month.
If you didn’t know, the City of Houston will be holding its election this November for Mayor and City Council seats. You may read which incumbents will be running again, and which are term-limited out and will be replaced by a new council member next year here. Most people don’t start paying attention to the election until after Labor Day, so stay tuned to all of our communications channels as the November 7, 2023, election approaches.
All of you know the value of HAR Communications since you are currently reading the magazine. We have an amazing Communications team on the HAR staff that keeps you up-to-date and informed about everything you need to know about the association and your industry. You may read about some of the things they do and ways for you to stay informed here.
Lastly, are you a REALTOR® who is 40 years old or younger? Then, you should consider nominating yourself for the HAR 20 Under 40 Rising Stars in Real Estate Awards. You may learn more here. This is always a competitive honor with many more nominees than 20. It recognizes younger REALTORS® who exhibit strength in sales, leadership, and community service. Even if you have applied previously and not received the honor, I encourage you to reapply because many people receive it on their second or third tries. We have some amazing REALTORS® of all ages, so we look forward to a great pool of applicants.
Until next month,
2023 HAR Chair