Buying Your Home
Hi Friends!September is here, and wow what a ride real estate has been on! Moving forward into this fall season, I'd say it's likely we're going to keep seeing some twists and turns, but overall for our housing market, it's looking like we're entering into a more pre-pandemic, balanced market.THE SHIFT. It's not news that rising interest rates have sidelined some buyers or reduced their purchasing power while combatting rising home values. According to the latest data, we are seeing a steady shift towards declining sales volume (number of homes selling) and higher inventory (homes being listed). It's important to note though, that just because we're seeing a slowdown, home purchases and sales are still happening, just not at a rapid, head-spinning pace with the record-level pricing we saw the previous year. In fact, just last week alone, showings were up 18%.HOME VALUE. A lot of clients are asking me, what about price levels? Will home value decrease or will prices keep rising? Well, in August the average price of a single-family home rose 8.7% compared to August 2021. Like Craig J. Lazzara, Managing Director at S&P recently said, "there's a difference between deceleration and decline, prices are still rising at robust clips". What is more likely for Houston is that we'll see some deceleration through the rest of the year.SUPPLY. Another way to evaluate how the market is doing is by looking at months of inventory. Generally in Houston, we can expect about 4-6 months of inventory to indicate a 'balanced market', meaning the market doesn't significantly favor buyers or sellers. Right now, we're at about 2.5 months supply...so not quite to that balanced market, but I expect we'll see it continue to slowly shift in that direction over the next couple of months.LOCALITY. One very important factor to remember is that real estate is LOCAL. As you drill down to a specific neighborhood, zip code, and average price point, it's likely you'll see differing data. A great resource I provide my clients can be found here . This is the most up-to-date information and you can easily search by zip code to see what's happening in your area.I wish you a wonderful September and MAYBE a couple crisp fall days here in Houston. If you have any questions, please do not hesitate to reach out by replying to this email or calling me at 713.992.5744.
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