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I want to wish everyone who was hit hard by the recent storms the best of luck in your cleanup. A lot of areas around town were really hit hard, so we want to let you know you're in our thoughts!
Now, I want to give a quick overview of the housing market in the Houston area. At the beginning of the year, analysts predicted a slowdown due to rapidly falling oil prices, but we haven't quite seen that. According to Ted Jones, a chief economist at Stewart Title, there are several things to keep an eye on here in the Houston area.
If we look at where we are this year, we've only seen a slight slowdown due to oil prices. In some areas, there hasn't been a dip at all! When looking at the year over year numbers, we've only seen one month of negative numbers so far in 2015. In fact, we've seen an appreciation rate of a little over 8%; if we forecast that into the future, we're expecting to see that trim down to closer to 5% by January of next year.
We're expecting the number of sales in Houston to decrease by about 10% from what we're seeing now. When looking at the job growth predictions, at the end of December last year we were at 3.8%, whereas the expectation this year is only 2.2%. What this means is we're expecting a more normalized, neutral market. Conditions have heavily favored sellers as of late, but it's looking like the playing field is going to be leveled here shortly.
On another note, as the summer settles in and the market returns to a more normal state, I want to say congratulations to all the recent graduates out there! It's an exciting time to be a student and a parent, and I want to wish you all the best of luck!
As always, if you have any questions about the Houston area, or if you need real estate assistance of any kind, don't hesitate to reach out to me. I would love to hear from you!
