Houston Housing Market

Every month so for this year, the Houston housing market had shown increases in inventory, all the while, setting records for both the median and the average home sale price.  August numbers are in, and we saw a change in the trends for the Houston homes market. August is the first month so far this year to show a decrease in housing inventory.  It is also the first month to show a consensus amongst price points. Three of the price ranges we have been following over the year showed drops in total inventory.  We also had the average Houston homes sale price hold solid and a reduction in the number of foreclosures for all of Texas down 18% according to realtytrac.com.  The only negative news for August is that we had a reduction in total Houston homes sales for the 12th month running.  The Houston housing market had 5120 residential homes sold during August compared to 6998 in August of 2007.    

Total Breakdown of Activity For The Houston Housing Market

Houston housing inventory for August of 2008 market wide came down from 6.9 months of inventory in July to 6.8 months of inventory in August.  This was as predicted due to the drop in foreclosures and an increasing number of home sellers taking their homes off the market.  The 80,000 and below price point stayed the course at just 5 months of inventory, while all three of the other covered price points showed decreases in housing inventory.  The 80,000 to 150,000 price point had 6.3 months of inventory for August 2008 which is down from 6.4 months of inventory in July of 2008.  The total Houston housing inventory in the 150,000 to 300,000 price point fell from 6.8 months of inventory in July to 6.6 months for August.  The inventory jump noted in July at the 300,000 and above price point turned out to be a fluke as inventory levels headed back down from 9.6 months in July of 2008 to 9.4 months for August 2008.

Houston Homes Market Breakdown For 80,000 And Below

Houston Homes Market Breakdown For 80,000-150,000 Price Range

Houston Homes Market Breakdown For 150,000-300,000 Price Range

Houston Homes Market Breakdown For 300,000 And Above

Even though the Houston homes market showed increased resilience in August, it is still too early to celebrate.  This trend must continue for at least a quarter before we can be confident in making a prediction that the Houston housing market has stabilized and seen the worst of this economic downturn.  The housing numbers for August, declining interest rates, and the first time home buyer temporary tax credit should help the market continue on this positive note.  Information contained in this post was acquired from the Houston Association of Realtors via the multiple listing service database and archive.  Data should be considered reliable, but is not guaranteed to be accurate.

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This entry was posted on Saturday, September 13th, 2008 at 12:53 pm and is filed under Houston Housing Market. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.