Impact of Oil prices on housing market (Houston, Austin: renting, home sales)

[lipbalm]

Originally Posted by Spartacus713

The difference is the less expensive, older homes are largely being snapped up by investors who want to have their money invested in something tangible, in preparation for another widely expected financial market downturn. There are a lot of people out there with money who believe our current financial situation is a house of cards that is ripe for a collapse.

When some banks (europe) are actually charging you to keep your cash there (i.e. negattive interest yield) you know something is up.

[Glenfiddich]

So how does it look? It looks like its holding strong?

[Oildog]

watch July & August folks move before schools starts.

[Htown2013]

Originally Posted by Oildog

watch July & August folks move before schools starts.

Prices holding steady. Slightly more inventory, but I think that's due to sellers holding back their properties b/c of the rapid appreciation and bidding wars. Good areas are still moving fast for sale but much less so for rent.

Less bidding wars, but healthy market with no signs of depreciation, prices will probably hold steady and then slowly appreciate with normal inflation moving forward, unless the barrel really spike or tanks.

[cjay0123]

Am I missing something with these monthly HAR home sales reports or are houses really still selling like crazy? If so, who is still buying these houses with oil and gas industry struggling like it is? They can claim Houston's economy is diverse and such but the energy industry still supports most of the economy in some way or another.

I know these numbers are just estimates and the figures are later adjusted but I am seeing a ton of houses sit on the market on the west side of town with sizeable price reductions all around town recently.

In my opinion, the market has looked pretty dead the past couple months with only homes priced in that sweet spot selling quickly. I think things will be getting pretty ugly in the coming months.

What is everyone's view on the housing market going forward?

[Houston321]

As I continue to say on these forums. Watch the inventory supply, that is a key indicator. Last report is 3.2 months supply. This is slowly creeping up, so we could be seeing some effects.
The average is 5.1 months, so we are still in a healthy market, but the increase is something to keep an eye on.

[ipuck]

I am seeing some 5% and 10% discounts this past month also in the Sugar Land area.

Something got to give when every oil company in Houston is doing major layoff beside Exxon.

[Htown2013]

Originally Posted by ipuck

I am seeing some 5% and 10% discounts this past month also in the Sugar Land area.

Something got to give when every oil company in Houston is doing major layoff beside Exxon.

10%?? That is huge. For $400k house that is $40k. Doesn't sound right to me unless house was overpriced to begin with.

[usc619]

Originally Posted by Htown2013

10%?? That is huge. For $400k house that is $40k. Doesn't sound right to me unless house was overpriced to begin with.

If we're talking Riverstone then most likely yes.

[Failed Engineer]

Telfair prices have gone down after getting rezoned to Clements. That says most of what you need to know about Sugar Land pricing. It was way overheated and bound to fall.