Economist Lawrence Yun with the National Association of Realtors told Fox Business News he doesn’t see a bright future for the U.S. housing market because of stagnation in wage growth. “Home values are rising twice as fast as wage growth,” he said in an interview.
Houston has certainly felt the impact of the downturn in the oil market, but it’s not having a lasting effect on the availability, affordability, or salability of homes here, nor is flat wage growth. “I’m absolutely not seeing that here in the Houston area,” says Michael Weaster, a realtor with Berkshire Hathaway Home Services. Weaster says Houston is a seller’s market today. “The Homes are turning. There’s absolutely less inventory on the market and home sales are increasing,” he tells KTRH News.
In their April report the Houston Association of Realtors find that while housing inventory is reaching the highest levels seen since August of last year the number of single-family homes selling is keeping up. Weaster says a home today sits on the market an average of four months. “It’s a good time to be a seller right now, Home prices are up. Most neighborhoods are doing rather well,” he suggests. The amount of homes sold is up 3.1% compared to last year.