Houston real estate market shows resiliency
Posted by Erion Shehaj in Uncategorized on Dec 18th, 2007 | 0 comments
According to official figures released today by the Houston Association of Realtors, Houston Area home sales fell 9% relative to last year, while the median home price rose 1.5% and the inventory levels fell compared to October of this year. While disappointing, the drop in overall number of sales is not being followed by a drop in home prices which shows a level of resiliency unseen in most housing markets across the country. The restrictions in the mortgage market have had a significant effect on the Houston real estate market by suppressing the number of sales as many potential home buyers get turned down for a loan. However, the relative stability in median home prices amid a usually slow housing month, may just be an indication of a impending turnaround in the Houston housing market.
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