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Large Drop in Houston Real Estate Sales in September
Sales are down. Way down.
It's the worst sales decline in over ten years. But the Houston real estate market is still performing better than the rest of the country.
Houston real estate is a mix of both the good and the bad.
According to a report by the Houston Association of Realtors (HAR), September Houston real estate sales have taken a downturn. Total property sales of 5,984 for the month of September is a decrease of 16.7 percent from the previous year's numbers. That's two hundred million dollars less of overall sales volume.
The subprime mortgage market which is fueling foreclosures is not helping either. And, for the first time, we are seeing it have a negative effect on sales of homes beyond those in the $80,000 to $150,000 price range.
But prices overall are healthy.
Shockingly, the average price for single-family homes increased by two percent from last September's average, while the median price rose by 0.3 percent. The latter marks one of the ten highest months for median price in Houston.
Inventory is up as well. HAR reported a 15.5 percent increase in available homes from last year's active listings.
Let's hope Houston can recover and pick up from these pockets of good news amidst the slump. Historically, Houston has proven so...except in the '80's.
$90 oil!!!
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