Houston Housing Market

As I had expected and discussed in October’s inventory report the Houston housing market saw its first drop in the average home sale price in October. This likely had to do with a number of things, first the impact of declining consumer confidence due to worries over the financial markets, inactivity of consumers following the impact of Hurricane Ike, and the seasonal nature of housing sales. October did have some positives that did not make it into the report by the Houston Association of Realtors. This being that home sales bounced back strongly from that which was recorded in Setpember. This suprised me as I would have thought that sales would have been off in October just as much as they were in September, however, this was not the case. In September we saw a drop of over 30% in home sales form the same time last year and in October the drop in sales from October of 2007 was only around 20%. In all reality that means sales bounced back a full 10%. Below you will find the entire press realease by the Houston Association of Realtors.

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The total housing inventory for the Houston housing market fell once again in October.  Down from 6.6 months in September to 6.5 months for the month of October, which corresponds to a drop in active listings of just over 1,000 single family housing units.  Despite this drop in housing inventory it looks to me as [...]

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Even though I think Houston has a great future ahead for it, I have to admit that I have been a bit nervous about what the future holds for us. But, every time I start becoming a doubting Thomas, I run into more positive economic news. I do not think that the Houston housing market is going to completely dodge the economic down turn, however, it is looking as though we may be somewhat insulated from the troubles others around the country will encounter. I just read a post from the Texas A&M center of real estate that tracks economic data and real estate transactions for all of Texas.

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