Houston Housing Market Despite Oil Slump
Houston Housing Market Despite Oil Slump
According to the Houston Association of Realtors, Houston’s housing market appears to be “holding its own,” although there are some signs of a slowdown amid the oil slump.
In the Houston metropolitan area, there were more homes listed and sold at higher prices this year, according to the recent monthly housing report. Here is a snapshot from HAR’s September report, released Oct. 14:
Home prices: Houston median home prices increased 4.5% over the last year, to $208,000, a new September record high. Homes priced between $150,000 and $500,000 saw moderate sales increases..
Home supply: Home buyers may not have to compete as hard for homes, as the supply of homes on the market is growing. Months of inventory is steady at 3.5 months since July, up from 2.6 months in January. Active listings rose 17.6% compared to September 2014.
“September showed a bit more vitality than August, and considering that we are comparing to a record 2014 sales year and remain in a climate of energy-related layoffs, I’d say that the Houston real estate market is truly holding its own,” said Nancy Furst, HAR Chairwoman and Realtor with Berkshire Hathaway. “Sales inventory has been stable for the past three months and we expect it to grow in the last quarter of 2015.”
According to HAR, Houston’s housing market saw gains across the board in September, however, there are signs that the market is cooling.
Longer days on market: Houston homes are staying on the market a little longer. The average number of days it took to sell a home was 49 days in September 2015, compared to 48 days in September 2014.
Lower sales among low- and high-end homes: Fewer homes were sold below $150,000 and above $500,000. Townhomes and condominium sales fell 4.5 percent in September. In addition, Houston’s luxury market is slipping, although it is still among the hottest nationally.
In September, Houston Realtors sold 8,024 single-family homes, townhomes and condominiums worth about $2.1 billion. Source: Paul Takahashi Houston Business Journal.