Quarterly Snapshot 2Q23 | Land | Houston Land Sales Slow Down While Developers Pick Up the Pace
The land market in the Houston region picked up in 2Q23 from a slower 1Q23. Single-family home sales fell 12.8% in June 2023 compared to last year; down to 8,542 from 9,845 homes. Developers and homebuilders continue to work through land acquired in 2022 to deliver lots and homes as quickly as possible. Homebuyers are getting more comfortable with interest rates after an extended period without any reprieve in sight, but knowing they will refinance when interest rates improve. The good news is home sales are strong and inventory is falling back into a healthy range of available product. While interest rates remain high, the homebuilding impact on the land market continues to be robust as a result of Houstona™s strong job market and population growth.