There’s no denying that Houston Texas Home Sales had one of their strongest years ever in 2015 but with the start of this year the Real Estate market was rocked by oil news as the price of oil rapidly fell to $25 per barrel.
In spite of the “doom and gloom” predictions some analysts are making regarding Houston Texas Home Sales the reality is that the market has stayed strong in January in spite of what’s been happening with the oil market.
Only 2 Percent off The Record for January
As some Realtors® and analysts were predicting the death of the Houston Texas real estate market in January we actually had one of the strongest January’s on record and thanks to the latest statistics from the Houston Association of Realtors we know that home sales were only about 2% off the record for the month of January and homes that were priced between $150,000and $250,000 saw year-over-year increases.
In January 2016 there were 4,024 homes sold in the Houston Texas Real Estate Market compared to over 4,100 home sales in 2015. Although some experts might express shock at this news, it’s not really a bad thing considering the fact that inventory actually grew in January and now we have about 3.5 months-worth of inventory.
Right now Houston Texas real estate market can be described as strong considering the fact that there is still a demand for properties across Houston but, in a recent interview where he discussed the Houston taxes real estate market Mario Arriaga, HAR Chairman, said:
“The most noticeable impact has been declines in the luxury market, but mid-range housing actually saw a healthy sales volume in January and inventory levels grew. HAR will continue to closely monitor the economic climate.”
Source – har.com
How do Houston Texas Home sales in January 2016 compare to the same time last year? When we look at home sales on a year-over-year basis we can see that single-family home sales are actually up by 9.1% compared to the same time last year and total active listings at the end of January also rose by 15.8%.
There hasn’t been housing inventory above 3.5 month’s supply since the end of May 2015 and this is actually a good thing because, it means that with more people moving to Houston individuals who are searching for properties in the area will have more homes to choose from and a better chance of getting the Houston Texas Home Sales that they really want without having to compete in multiple offer situations.
Learn More about Houston Texas Homes for Sale
To learn more about Houston Texas homes for sale, or to view the latest homes available on the real estate market, contact me, Julie Woodward, Realtor® with Red Door Realty & Associates by calling me at (832) 868-9920 or click here to connect with me online.