What’s the latest news from our Houston market?
Right now, the situation is very similar to how it was at this time last year. The number of new listings on the market is up slightly, while the number of active listings is down 1.5%. The average price point, meanwhile, has risen about 4%, going from $302,000 to $315,000.
Another number we’ve been keeping an eye on lately is interest rates. They’ve been on the rise lately and were as high as 5%, but now they’re back down to 4.75%. Despite this drop, experts forecast that they will continue to climb in the near future.
On a macro level, our Houston market is strong. In fact, the Houston Builders Association predicts strong growth in our market over the next five to 10 years. Certain segments, especially those located in flooded areas, are experiencing a backup in inventory. Buyers in these areas should get a good sense of what kind of discounts these homes will offer.
Lastly, FEMA recently announced a buyout program they’re offering that’s allotting $25 million for 169 homes they plan on purchasing. This number of homes is expected to balloon up to over 1,000, so if you haven’t applied for this program, there is still time. All you have to do is visit https://www.hcfcd.org/hurricane-harvey/home-buyout-program/.
As always, if you have any further questions about what’s happening in our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you.
