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• June 2008: Houston median house price buoyant despite slower sales

  Posted: 14 August 2008 by John Huval

  While most housing market indicators have been tracking negative for months, Houston’s median home price for existing single-family housing is positively buoyant despite steady declines in sale volumes in recent months — the median price increased 1.5% in June 2008 when compared to last year. Houston’s residential real estate housing market sales were lower again in June 2008 with a year-to-year sales decline of 15.1% — the slowest June sales volume since 2004. Nationally, sales were down 15.5%. Sales declines were across most property and price classes with the single largest declines in homes priced between $80,000 and $200,000. Pending sales were down over 20% indicating that sales declines will continue. Inventory supply and DOM are up almost 10% in year-to-year comparisons.

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• May 2008: Today's housing market conditions favor buyers as sales trend negative

  Posted: 2 July 2008 by John Huval

  Houston’s residential real estate housing market experienced another year-to-year real estate sales decline of 16.7% in May 2008 — the slowest May sales volume since 2004. Nationally, sales were down 15.9%. Sales declines were across most property and price classes with the single largest declines in homes priced between $80,000 and $200,000. Despite months of consecutive sales declines, Houston’s median home price remained unchanged for the month at $155,000. Most market indicators have been trending negative for months — pending sales were down over 15% while inventory and DOM were up 10.0%.

• April 2008: Lowest sales for April since 2004 -- sales declines in all price classes above $80K

  Posted: 2 June 2008 by John Huval

  Houston’s residential real estate housing market experienced another year-to-year real estate sales decline of 12.8% in April 2008 — the slowest April sales volume since 2004. Sales declines were across most property and price classes. In previous months, most sales declines were restricted to homes priced between $80,000 and $200,000, but higher priced home sales posted noticeably lower sales volumes for the month. So far decreasing real estate sales have not brought about any appreciable affect on Houston’s median home price, which remained unchanged in year-to-year comparisons. Other market indicators have been trending negative for months — pending sales are down almost 10% while DOM and inventory supply are up for the month. Today’s activity reflects the significant market changes affecting home buyers — the easy credit terms of previous years are over, shutting between 30 and 40% of potential home buyers out of the real estate market. The remaining home buyers that do qualify for financing are moving cautiously before committing to a real estate purchase, and they are still closing a significant number of sales each month.

• March 2008: Sales decline for 8th consecutive month -- inventory climbs to 12 month high

  Posted: 7 May 2008 by John Huval

  Houston’s residential housing market experienced another year-to-year sales decline of 17.3% in March 2008 — making that the eight consecutive monthly decline since July 2007. Sales declines were across most property and price classes. In previous months, most sales declines were restricted to homes priced between $80,000 and $200,000, but higher priced home sales posted noticeably lower sales volumes in March. So far decreasing sales have not brought about any appreciable affect on Houston’s median home price, which remained steady in year-to-year comparisons, dropping only .1% from last year’s median sales price of $151,080 to $151,000. Other market indicators are also trending negative — pending sales are down almost 19% while DOM and inventory supply are up in March to near their 12 month highs. Today’s activity reflects the significant market changes affecting home buyers — the easy credit terms of previous years are over, and the remaining home buyers that do qualify for financing are moving cautiously before committing to a purchase.

• February 2008: No trends evident as results remain mixed -- sales down 13.1% & median price up 3.1%

  Posted: 11 April 2008 by John Huval

  Houston’s residential housing market performance for February 2008 reflects a steady sales rate and stable home prices despite some negative trends reflected in the MLS activity — there are no distinct trends or sharp changes notable in February’s numbers when compared to previous monthly activity. Sales were down 13% and the median price was up 3.1%, reflecting the mixed local housing picture. Despite six consecutive months of sales declines, the median home price has not yet posted any significant decreases in property values. During the 1st half of 2007, Houston’s home sales maintained a pace nearly equal to the record peaks of 2006. As we near the mid-year point in 2008, we’ll be watching to see if this sales keep pace with the 2nd half of 2007, when sales volumes began dropping.

• January 2008: Negative local sales trends point towards uncertain market outlook

  Posted: 28 February 2008 by John Huval

  Houston’s residential housing market continues to outperform much of the US — with strong employment, affordable housing, and low interest rates, local buyers with good credit are finding loans and closing purchases. Although Houston’s real estate market is still closing a significant sale’s volume, by most measures, today’s sales trends are in negative territory. Uncertainty surrounding recessionary fears, rate increases, and price declines could keep some buyers out of the market until the uncertainty is resolved.

• December 2007: Home market closes out second best year; median price ends year higher

  Posted: 30 January 2008 by John Huval

  Sales for all property classes declined 23.5% — sales for single-family homes declined 18% when compared to December 2006. Year-to-date Sales for 2007 were down 4.5% from 2006, but beat 2005 by 6%. Dollar volume for 2007 was $16,645,129,318 — .2 % ahead of 2006 and over 18% higher than 2005. Nationally, existing-home sales were down 22% from 2006. Sales were weakest for properties priced between $80,000 and $200,000, declining over 26% for the month. Except for properties priced below $80,000, all price classes were down for the month. Single-family prices were up again for December — the median single-family price was $152,000, up 1% from 2006’s median price of $149,610. In 2007, Houston prices appreciated 4.16% through November 2007.

• November 2007: YTD sales volume on target to beat 2005; Median price up 1.7%

  Posted: 6 January 2008 by John Huval

  November 2007 sales volume for all property classes totaled 5,772 — a 10.2% decline from last year. Despite the lower sales volume, current year sales are on pace to surpass 2005. While sales volume is down, Houston’s median price continues to grow, posting a 1.7% increase over last year. Inventory supply stood at 6.1 months in October, remaining at that level for November as new listings are being added to the market at a slower pace. Pending sales were down again, signaling additional sales declines for December.

• October 2007: Despite 8.6% sales decline, year-to-date sales on pace for 3rd best year

  Posted: 29 November 2007 by John Huval

  Sales for October 2007 were 6,244 — a 66.2% growth rate from October 1997. Houston’s real estate market has experienced tremendous growth during the past 10 years, but the record peak sales volumes of 2006 could not be sustained forever — loose-lending standards would eventually be curtailed as foreclosure rates increased, decreasing the number of buyers that could secure financing and lowering sales. Despite October’s 8.6% sales decline, October 2007 is still among the best sales months for the past 10 years.

• September 2007: Despite national media gloom, it's not all bad at home

  Posted: 26 October 2007 by John Huval

  Despite gloomy media headlines marking September 2007 as the single month with the largest sales decline in US history, local sales numbers don’t look bad. Houston’s sales declined over 15% in September when compared to 2006. When coming off of 2006’s record peak sales, any percentage decline will be significant. Yet when you compare actual sales, September 2007 ranks among the top sales years for the last decade — houses are still selling at a clip nearly matching 2005 — the second best year for Houston area housing by most measures.

• August 2007: Cooling demand for some mid-priced housing hasn't dampened median price

  Posted: 26 September 2007 by John Huval

  Houston — (September 25, 2007) Houston Market Conditions Summary: sales down 1.2% from 2006 but still ahead of 2005; pending sales down 4.5%, indicating slower sales for September; inventory supply remains at 6.2 months, below a national average approaching 10 months; median price continues growth despite slower sales — helped along by sales growth in homes priced above $500K.

• July 2007: sales post modest rebound from June's decline; will inventory plateau at 6.2 months?

  Posted: 23 August 2007 by John Huval

  HOUSTON — (August 23, 2007) July’s single-family home sales posted a modest 2% gain over 2006 and pending sales increased 11% during the same period, helping to curb inventory growth. As sales have slowed from 2006 record levels, inventory has increased each of the previous 6 months, finally leveling in July at 6.2 months. However, while pending sales growth increased for July, available listing growth continues to out pace sales and could affect inventory levels in coming weeks and months.