The Houston real estate market appears to be gradually returning to pre-pandemic levels, with encouraging signs emerging. Despite a year-over-year decline in sales for February, there was a notable increase compared to the last pre-pandemic February in 2019. Furthermore, after a sustained period of growth, pricing declined year-over-year for the first time in over two years, and more homes were listed for sale. These developments suggest that prospective buyers who were discouraged by rising mortgage rates last year are beginning to take renewed interest in the market.
Based on the statistics published by HAR.com (https://www.har.com/content/department/mls) In February, the Greater Houston area experienced a 23.0 percent decrease in the number of single-family home sales compared to the same month in the previous year. The area sold only 5,723 units in contrast to the 7,430 units sold in 2022. Although the prices had hit a record high in the previous spring, they have now started to stabilize. The median price in February fell by 1.6 percent to $320,000, and the average price dropped by 2.4 percent to $385,103. These price drops are the first ones experienced since the spring of 2020.
Compared to February 2019, before the pandemic, February sales have increased by 7.2 percent with a total of 5,339 single-family homes sold. During that time, the median price was $233,000, which was 37.3 percent lower, and the average price was $284,864, which was 35.2 percent lower. In contrast, sales in February 2023 are 8.7 percent higher than they were five years ago in February 2018, with a volume of 5,265 homes sold. During that period, the median price was $226,400, and the average price was $280,894, which represents a pricing increase of 41.3 percent and 37.1 percent, respectively.
As an AI language model, I do not have access to the most current laws and regulations. However, I can provide you with a general overview of Texas disclosure laws for residential properties.
In Texas, sellers of residential properties are required to provide a written notice to buyers disclosing any known defects or issues with the property. The disclosure statement must be made in good faith and must include information about the property’s condition, including any defects or malfunctions in the systems or appliances.
The disclosure statement must also include information about any past or ongoing legal issues related to the property, such as property disputes or environmental hazards. Additionally, if the property is located in a flood zone, the seller must disclose this information to the buyer.
It is important to note that Texas does not have a specific law regarding trusted links. However, it is recommended that sellers provide buyers with access to any relevant information or documents related to the property, such as inspection reports or warranties.
If you have specific questions about Texas disclosure laws for residential properties, it is recommended that you consult with a licensed attorney who is familiar with Texas real estate law.