Houston-Pasadena-The Woodlands, TX

With a pending ratio of 0.27, demand absorption is constrained, and inventory levels are sufficient to allow for more deliberate purchasing decisions. This environment places greater emphasis on price discipline from sellers, as longer market times and reduced demand pressure contribute to more protracted negotiations. The pace of transactions is notably slower, necessitating competitive positioning for properties to transact.

Median $/sqft experienced a year-over-year decrease of 2.2% to $169, while the average listing price saw a 1.2% year-over-year decline. The notable spread between the average listing price ($484,921) and the median listing price ($359,000) suggests some softness or recalibration within the higher price tiers. However, no distinct decline in median square footage (2,140 sqft) is observed to imply luxury segment weakness based on size alone.

35,920 active listings represent the current floor, with new supply arriving at roughly 9,512 per month.

of active listings carry a price reduction, -0.7% from prior period.

Median price per square foot has moved -2.2% year-over-year.

Pending-to-active ratio — Cooling.