Houston’s housing market stabilizing; incentives, price cuts still driving sales

Houston’s housing market is stabilizing but remains slow, with existing home sales down and days on market rising to 44. Builders report demand is slower than expected, and incentives like rate buydowns are common but no longer create urgency. New home prices have dropped 5% from their peak but are still 40% higher than in 2019. Strong population growth and demographics support long-term demand despite current market volatility.