The houston housing market holds steady in february ! (sales, real estate market)

[Jack Lance]

HOUSTON — (March 9, 2016) — The Houston real estate market managed to resist most of the effects of the energy downturn in February, with home sales up over two percent compared to the same month last year. Single-family homes priced between $150,000 and $500,000 recorded positive sales volume while the luxury home segment experienced the biggest decline.
According to the latest monthly report compiled by the Houston Association of Realtors (HAR), February single-family home sales rose 2.2 percent versus February 2015, with a total of 4,602 sales compared to 4,505 a year earlier. New listings helped inventory grow from a 2.7-months supply to 3.4 months.

MLS Press Release - HAR.com

recession ? What recession ?

[right]

Total active listings - up 17.6% and sales are flat at 0.2% (comparing Feb '15 to Feb '16)

that does not look positive to me

[Jack Lance]

Originally Posted by right

Total active listings - up 17.6% and sales are flat at 0.2% (comparing Feb '15 to Feb '16)

that does not look positive to me

At 3.4 months forward supply it's still not a buyers market as yet, and those February sales will probably be revised upward as most monthly figures have been of late.

[LonghornHotspur]

Originally Posted by Jack Lance

HOUSTON — (March 9, 2016) — The Houston real estate market managed to resist most of the effects of the energy downturn in February, with home sales up over two percent compared to the same month last year. Single-family homes priced between $150,000 and $500,000 recorded positive sales volume while the luxury home segment experienced the biggest decline.
According to the latest monthly report compiled by the Houston Association of Realtors (HAR), February single-family home sales rose 2.2 percent versus February 2015, with a total of 4,602 sales compared to 4,505 a year earlier. New listings helped inventory grow from a 2.7-months supply to 3.4 months.

MLS Press Release - HAR.com

recession ? What recession ?

Home sales up 2.2% YoY
Days in February up 3.6% YoY

Bullish? Naaah

[Jack Lance]

Originally Posted by LonghornHotspur

Home sales up 2.2% YoY
Days in February up 3.6% YoY

Bullish? Naaah

The headline reads "The Houston housing market holds steady in February " not that it was "bullish"

[right]

Originally Posted by Jack Lance

At 3.4 months forward supply it's still not a buyers market as yet, and those February sales will probably be revised upward as most monthly figures have been of late.

but the months inventory is based on the past 12 months of sales and forward sales will be nowhere near past sales so the supply is likely 5+ months.

[Jack Lance]

Originally Posted by right

but the months inventory is based on the past 12 months of sales and forward sales will be nowhere near past sales so the supply is likely 5+ months.

You are making assumptions that may or may not prove to be accurate. Feb 2016 sales were up year over year, with pending sales at the end of the month up as well. There is reason to believe that March 2016 year over year sales will be positive as well, and so on...

[LonghornHotspur]

Originally Posted by Jack Lance

The headline reads "The Houston housing market holds steady in February " not that it was "bullish"

Going from 161 sales/day ('15) to 159 sales/day ('16) isn't holding steady. Typical realtor sunshine pumping statistics

[predatorprey]

I agree with a poster above.

Active listings are up sharply. 17.6%
Monthly inventory up 30.5%
Sales count and dollar volume only slightly.

The Houston housing market has proven fairly resilient, but looks like it may have plateaued.

The thing I will note is that the trend is not looking good.

[marksmu]

I also agree its not all sunshine...the inventory number is particularly telling. Number of sellers is way up, but the number of buyers is unchanged.

Our inventory level is going to go up, the longer oil stays. Houses that sold in a day or two this time last year are lingering 45 or 60 days...even if they are priced appropriately. There are just more sellers, so buyers have more options. The next obvious thing to happen is that prices will start to come down.

The biggest hit is high dollar properties. They are doing particularly bad at the moment. There is a glut of inventory and those buyers are able to be very picky now....but a properly priced high dollar property will still sell fast.