Has the Houston Housing Market Bottomed out?

[Supermac34]

In my little neighborhood (Champion Woods) in the Klein area, they have sold about 6 houses in about a month, which is a lot considering the neighborhood is only about 40 homesites. According to the sales guy yesterday (my wife and I always talk to those guys when we go for our afternoon walk) they are also seeing a lot of real buyers out there looking and have some pending contracts to build coming down the pipeline. Most of these homes are in the $500K to $650K range.

The other sales guy also works over at the Falls at Champions and sold about 4 houses in about a week when he first moved over there about 3 weeks ago. (These are $750K+ homes).

People are feeling overall better about the economy. The fact that the stock market appears to have leveled off some, gives people some confidence. Also: lower prices combined with tax credits for home ownership combined with historically low interest rates = more home sales. (not to mention that a lot of demand has been pent up as people that wanted/can buy have been waiting on the sidelines and there has been very few housing starts lowering supply dramatically)

[Callo]

If only the homes in Spring would sell as well as Katy.

It's not surprising that they aren't, but still...

[Jamesww]

My personal business has picked up substantially over the last two weeks. I put three transactions into escrow just last week alone. I have another going in and two more buyers I am working with that are serious. With this said I am not ready just yet to call the bottom simply because when I use pendings to calculate absorption and inventory levels we are still seeing inventory rise. What I do believe is that things are getting better for the agents that have stuck it out. Almost everyone I am talking to that still works real estate full time and did not go get another job has seen there business increase.

If we are at the bottom currently I would say we will likely skid along it for a while. I dont see a rapid turn around. But things are stable below $300,000 across the metro and stable below $700,000 inside the loop.

[MissDaisy]

Originally Posted by astrohip

I'm in the building supply business. Several of my indicators have flattened in the last 30-60 days. I'm not too hopeful they are headed up yet, but at least they have quit sinking. Are we at the bottom? It's hard to say until you are on the way up, and can look back. But maybe, just maybe, we aren't headed any lower.

Yep, for all you market forecasters....the bottom is ALWAYS in your rearview mirror..

Here in *glorious* Northern CA, we are getting a flurry....

THANK GOD...cuz we want to put our house on the market to move to our Conroe TX home....

PLEASE WISH US GOOD LUCK!!!!!!!

[atlantis7]

EXISTING HOME SALES ARE SLOWING DOWN. It is taking longer to sell your home because builders keep adding to inventory, have stuff sitting and keep building that they are making very attractive. Thanks to cheap, immigrant labor, they can do this ad still make a bank-full.

[astrohip]

Originally Posted by atlantis7

EXISTING HOME SALES ARE SLOWING DOWN. It is taking longer to sell your home because builders keep adding to inventory, have stuff sitting

Wrong. I get a stat sheet from the GHBA every month, and starts are lower than sales. They are building new homes, but far fewer than they are selling. Why? Because they acknowledge they have too much inventory, and are trying to reduce it.

Originally Posted by atlantis7

keep building that they are making very attractive.

Originally Posted by atlantis7

they can do this ad still make a bank-full.

Good one! Yes, most builders are making a "bank-full" these days. Which is why every week, another big name or two goes bankrupt. And why their stock prices are off 80%.