A new report from Zillow finds home sellers are lowering prices more often, and price growth is slowing in nearly half of the 35 largest U.S. metropolitan markets.
But while the rest of the nation might see the housing market tip, that's not what's going on in Houston.
The Houston Association of Realtors reports Houston is still most assuredly a seller’s market, employment numbers remain strong and people continue to flock to Houston in need of housing.
Heritage Texas Properties Houston realtor Lily Jang said Houston is so vast and there's so many different communities.
“It also depends on the price point. In my experience, I’m not seeing that the scales are tipping and that it’s a buyers’ market,” said Jing. “The luxury market is experiencing a bit of a slow down there. So, I’m seeing a mixed bag in Houston and the surrounding suburbs, depending on the price and location, as well.”
Jang said in Cypress, she had multiple offers on a $200K listing the first day it was on the market.
In Afton Oaks, she sold a house for nearly full price before it was even listed on HAR.com.
However, in historic Sugar Land, she has a new build that is listed at $650K and hasn’t moved as fast.
Better Homes and Gardens Real Estate Gary Greene broker associate Shad Bogany said if there's a tilt the other way, it's because the properties are overpriced.
“In that 500(k), that middle market, I think it has slowed down a little bit. But, I do believe it’s just depending on what price band that you’re in,” said Bogany. “We’re still at about 4.2-4.3 months of inventory. Economics say it’s still a sellers’ market at that point.”
He added it depends on the particular part of the market. Some sellers want more than the properties are worth.
Bogany said in Houston, it could be slower, if you're in the market where there's a lot of inventory; or if you have a resale and you're competing with new homes in your neighborhood. There has been a decline in the entry level market because hardly anyone is building.
Both said the $250K and below is still a really hot market