Charlie Austin had put the Clarets ahead in the 53rd minute, but a Southampton side including Burnley old boys Jack Cork, Danny Fox and Richard Chaplow levelled with 10 minutes left to secure a 1-1 draw.
But a relieved Howe, who admitted his squad was threadbare at present, promised to delve into the transfer market in the coming days to halt a worrying slide towards the Championship trapdoor in recent weeks.
"We are monitoring the transfer market every day but it is difficult to bring players in at this stage of the season," said Howe.
"I am very disappointed with the result because I thought the lads were magnificent. That is the spirit and intensity we need to play with every week.
"I think in terms of the level of performance, there were some good performances both individually and as a team.
"We have to give credit to Southampton though because they blocked an awful lot of our attempts. I thought we defended excellently.
"Marvin (Bartley) was superb and I am very pleased with him. He has had a dramatic rise in football from playing non-league a few years ago to playing in the Championship now, but that is what he is capable of.
"We are capable of beating anybody and we have the players to do so but today highlight the lack of depth."
Austin and Jay Rodriguez both had shots blocked as the Clarets had the better of the first half, while Adam Lallana headed wide for the visitors.
Burnley took the lead in the 53rd minute as Rodriguez was first to the ball and Austin pounced on the knockdown, hooking home from six yards.
Southampton should have equalised when Rickie Lambert arrived unmarked but saw his header bounce up off the ground and strike the bar.
Southampton did level the match with 10 minutes left as the ball was flicked on at the near post for substitute Schneiderlin to convert from six yards.
Their manager Nigel Adkins said: "It is interesting which way you can look at the result - it is either two points dropped or one point gained.
"At 80 minutes and 1-0 down you will have to say that it is one point gained but we had chances to win it.
"All credit to Burnley, I thought they were the better side in the first half. We made changes at half-time, which were purely tactical because we did not have enough of the ball in the first half, and one of the lads who came on has scored.
"We want to try and win every game of football. If you look at the chances in the second half, we did enough to win it."