Based in Texas, Jerald Turboff leads Prime Capital Corporation and delivers residential and commercial property investment solutions. With a particular focus on the Texas market, Jerald Turboff closely follows local industry developments.
With the Houston housing market usually taking off in spring and early summer, as families look for new homes before the school year begins, this trend has not materialized in 2023. Instead, sales were at their lowest ebb since 2017, with higher interest rates keeping buyers on the sideline and others waiting for a price drop.
While the Greater Houston area did experience a 16th straight monthly home sales decline in July, the silver lining was that the decline rate reached its most gradual ebb in over a year. In addition, the sub-$100,000 housing market witnessed an increase in sales. While sales are still 8.5 percent lower year-on-year and 15.3 percent lower than in July 2019 (pre-pandemic), the market is stabilizing steadily. As consumers begin to navigate the process of purchasing a residence once again, Houston home prices remain steady. Average home values in the Houston-The Woodlands-Sugar Land area stand at $304,175, virtually unchanged from a year ago and pointing toward the potential for further growth.
With the Houston housing market usually taking off in spring and early summer, as families look for new homes before the school year begins, this trend has not materialized in 2023. Instead, sales were at their lowest ebb since 2017, with higher interest rates keeping buyers on the sideline and others waiting for a price drop.
While the Greater Houston area did experience a 16th straight monthly home sales decline in July, the silver lining was that the decline rate reached its most gradual ebb in over a year. In addition, the sub-$100,000 housing market witnessed an increase in sales. While sales are still 8.5 percent lower year-on-year and 15.3 percent lower than in July 2019 (pre-pandemic), the market is stabilizing steadily. As consumers begin to navigate the process of purchasing a residence once again, Houston home prices remain steady. Average home values in the Houston-The Woodlands-Sugar Land area stand at $304,175, virtually unchanged from a year ago and pointing toward the potential for further growth.
RSS Feed
