Homebuyers in Houston, Texas, are currently facing the most favorable market in years, as prices posted their biggest year-over-year decline in May since September 2023, according to data from real estate information provider CoStar.
In May, the median home price in the Space City fell 1.5 percent year-over-year to $339,900, lagging behind the 1 percent gain reported by the nationwide market. It was the second consecutive month of year-over-year declines in the city and the first annual drop reported in May since 2023, when home prices fell by 3.5 percent amid a nationwide correction that hit overheated markets across the country the hardest.
For buyers, it represents a significant shift in direction from what they have experienced over the past four years. In May 2021, home prices in Houston surged by 11.9 percent year-over-year; a year later, they were 16.6 percent higher; and in May 2024, they had climbed by a much more modest 1.5 percent compared to the previous year…