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What's going on with Houston's Market?

By
Real Estate Agent

Houston, Texas has been doing amazing for the past 3 years in the Real Estate Market! With more and more jobs opening up, people need places to stay, which is really good for the average real estate agent! But lately, what's going on with the market?? 

For the first time in 3 years, Houston has had a decline in the sale of single family homes! We have declined by 7.3% compared to May 2013. What does this mean? Last year at this time, we had an overall good month of how many homes were sold according to the inventory! But now, our inventory is so low, which caused the market to decline. The average number of months a house stays on the market used to be 3.3 months. According to HAR, the average number of months is now 2.8 months! Which means we have declined by 14.7%! Now you're probably thinking, houses selling quickly.. shouldn't that help our economy? 

Not necessarily. With the number of houses in the market, and the houses selling so quickly, we don't have enough supply for the demand. It's simple economics. We need more houses to meet the demands. And right now, we don't have that. Hence, the decline in the market. 

HOWEVER,

Luxury Homes', homes that sell for more than 500,000, sales have gone up! The sales of these houses has gone up by 10.2% compared to May 2013. That's amazing! And because the low inventory in the Luxury Homes area and their homes selling at such large amounts of money, the average price on homes has gone up to $280,346. Last year at this time, it was $255,855. And the median price has gone up to $200,000! 

This is definitely a new thing to the Houston Market! We haven't been expecting this.. But with the market and how it's going now, we might to see a dramatic decline. And if we have a decline in the market, it could mean we could have a troubling decline in the job market. Which means bad things for our economy is coming. Hopefully we find a way to change this!

 

Posted by

“As a dedicated Real Estate professional, I pledge to you my time, my resources, and a guarantee to make your buying or selling experience a wonderful one”.

Realtor in the Greater Sugar Land, Missouri City, Katy, Richmond, Rosenberg, Fulshear, and Needville, TX area.

 

Joy Roussell, 713-898-3868

Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Joy-That is good news and as I recall, $500K can get a great luxury home in Houston too.

Jun 13, 2014 01:51 PM
Joy Roussell
Sugar Land, TX
Dedicated Realtor

I agree with that Wayne! $500,000 can get you an excellent Luxury Home in Houston!

Jun 13, 2014 01:53 PM