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We're in a shifting market here in Houston due to the fluctuations in oil prices. Some of this is seasonal, but we're definitely starting to enter a new landscape. Let's discuss what happened this December.
Overall we're seeing a drop in year-over-year sales, and this is the first time since 2012 that this has happened. The biggest drops in sales are in the low price brackets and the highest price brackets. Home sales under $150K dropped by 25%, and homes valued higher than $500K saw a 22% decrease in sales. This is extremely significant.
Home prices fell 3.7% since last year, and this is also the first time this has happened since 2012. This shouldn't come as a surprise since our market has been so hot lately.
Inventory has increased, and we have nearly 3.5 months of supply. However, this is still well below the national average.
The Fed are meeting this month, and all the reports that we have seen are indicating an increase in interest rates. Mortgage interest rates really cannot get any lower, so if you've been thinking about buying a home, I suggest that you do so now before rates get too high. Every day that you wait, you're losing buying power.
If you have any questions about these developments, please don't hesitate to contact me. I look forward to speaking with you.
Happy Holidays!
