Houston Market Movements - Week of Oct 9th

Few cities and neighborhoods around the nation are turning heads as hotFew cities and neighborhoods around the nation are turning heads as hotbeds of new housing inventory. Residential real estate markets that have had a hard time dealing with a reduction in the number of homes available for sale are now also struggling to keep up with new listings levels from last year. While it's true that builder confidence is up, it will take time before any sort of new development spawns a significant change in trend direction.

Picture1.png

In the Houston region, for the week ending October 1:

  • New Listings decreased 2.4% to 2,356
  • Pending Sales increased 25.0% to 1,939
  • Closed Sales decreased 11.4% to 1,972

Source: Har.com

Houston Market Movements - Week of Oct 2nd

Last year's national chorus was about how high buyer demand, a sunny economic outlook and enticingly low mortgage rates were propping up sales and prices in spite of low inventory. That refrain is still common enough, but regional changes continue to become more pronounced, whether due to weather, differing employment expectations or varying new construction outlooks. Let's look at how our unique local market is performing.

Picture1.png

In the Houston region, for the week ending September 24:

  • New Listings decreased 6.4% to 2,280
  • Pending Sales increased 18.5% to 1,886
  • Closed Sales increased 3.9% to 1,560

Source: Har.com

Houston Market Movements - Week of September 25th

According to the National Association of Home Builders, there is a rising demand in the new-home market spurred by ongoing job and economic growth, the continuation of attractive mortgage rates and increased consumer confidence. And there does appear to be a notable increase in building or announced building projects around the country. Builder confidence tends to equate with more construction starts, which would be welcome news in an era of low inventory.

Picture1.png

In the Houston region, for the week ending September 17:

  • New Listings decreased 2.6% to 2,446
  • Pending Sales increased 17.6% to 1,833
  • Closed Sales increased 10.4% to 1,906

Houston Market Movement - Week of September 11th

National real estate market trends have remained steady for the last couple of years, allowing the residential segment to flourish in terms of sales activity and buyer demand. Even when total sales are not measuring forward in year-over-year comparisons, it is evident that the market is responding positively to wider economic indicators. Higher prices, fewer days on market and lower months of supply are all usual indicators of healthy activity. As expected, we are beginning to see declines in new listings and sales as a result of Hurricane Harvey.

Picture1.png

In the Houston region, for the week ending September 3:

  • New Listings decreased 63.5% to 932
  • Pending Sales decreased 53.1% to 712
  • Closed Sales decreased 81.6% to 413

Houston Market Movements - Week of August 21st

New listings and sales were up nationally. The prevailing trends have remained consistent throughout the summer, which is no real surprise. There have not been any jolting changes in the economy that would affect residential real estate. This includes steady news for factors such as wage growth, unemployment, new construction and mortgage rates. Every locality has its unique challenges, but housing as a whole is performing as expected.

Pending Sales:

Picture1.png

In the Houston region, for the week ending August 13:

  • New Listings increased 8.1% to 2,956
  • Pending Sales increased 17.5% to 2,005
  • Closed Sales decreased 4.0% to 1,560

Source: Har.com

Houston Market Movements - Week of August 14th

New listings and sales performed well across the country last week. As we reach into August, we'll begin to see the volume of activity wane in anticipation of the school year. Although not every buyer or seller has children, it's no secret that homeownership is a popular housing option for those with kids. In bulk, this has historically been enough of a factor for turning down the summer's market heat before lower temperatures take hold.

In the Houston region, for the week ending August 6:

  • New Listings increased 5.7% to 3,202
  • Pending Sales increased 18.8% to 2,043
  • Closed Sales increased 18.3% to 1,911

Source: Har.com

Houston Market Movements - Week of August 7th

A favorable economy has kept buyers active amidst a summer of stiff competition that has often pulled prices above asking price. The latest recorded national unemployment rate of 4.3 is historically low and has served as a general indicator of a strong economy. If wage growth shifts into overdrive from its current state of patient increases, we may see even higher prices or, conversely, more willingness by sellers to increase the inventory pool.

In the Houston region, for the week ending July 30:

  • New Listings increased 12.0% to 3,097
  • Pending Sales increased 16.6% to 2,096
  • Closed Sales decreased 17.6% 2,055

Source: Har.com

Houston Market Movements - Week of July 31st

Residential real estate activity nationwide has remained robust throughout the summer months so far. New listing and sales activity may not always land exactly where desired or expected from week to week, but it is clear by gradually increasing prices and ongoing low inventory that buyer demand has not weakened.

In the Houston region, for the week ending July 23:

  • New Listings increased 10.8% to 3,250
  • Pending Sales increased 10.9% to 2,111
  • Closed Sales increased 2.6% 1,841

Source: Har.com

Houston Market Movements - Week of July 24th

The primary selling season tends to begin slowing around the country at this time of year. That does not necessarily equate to less competition for available housing stock. While total sales and inventory may be lower than earlier in the year, those still looking for homes tend to match up with those willing to list. Call it a back-to-school effect or call it an active and healthy residential real estate market, no matter the season.

In the Houston region, for the week ending July 16:

  • New Listings increased 4.2% to 3,357
  • Pending Sales increased 15.6% to 2,184
  • Closed Sales decreased 2.4% 1,765

Source: Har.com

Houston Market Movements - Week of July 17th

From a heart-of-summer perspective, the residential real estate market has performed as expected when predictions were made at the front of the year. Total sales and new listings are generally behind last year's levels from week to week, but there is evidence of improvement in both metrics.

In the Houston region, for the week ending July 9:

  • New Listings increased 3.1% to 3,012
  • Pending Sales increased 7.4% to 1,853
  • Closed Sales decreased 2.6% to 1,215

Source: Har.com