The UK’s vote for exit from the European Union (Brexit) has apparently had at least one short-term effect on the U.S. housing market. The decision to not raise interest rates until later this year was likely made because of Brexit, so unrest in financial markets can be monitored with hopes of stabilization. Long-term effects may include more or less foreign investment in U.S. residential real estate, but wholesale price declines are not expected any time soon.
In the Houston region, for the week ending July 3:
• New Listings increased 14.7% to 3,121
• Pending Sales increased 28.4% to 2,146
• Closed Sales increased 19.7% to 2,583