Housing Boom Showing Signs of Slowdown

There are signs the housing market is beginning to slow down, even in red hot Houston.


Lily Jang with Heritage Texas Properties says there's a lot of speculation that both buyers and sellers have gotten the jitters since the midterm elections.


“Showings came to a stand still from my buyers, they want to just have that wait-and-see approach,” she says.  “For my listings, showings for those have been next to nothing on my homes that I know are priced below market value.”


Just before the elections, year-over-year sales of single-family homes rose 4.7 percent in October, according to the Houston Association of Realtors.  The median price increased 3.6 percent to $234,653 while the average price rose 3.5 percent to $294,500.


However,mortgage applications fell nationwide, with rising rates starting to take a toll.


“They are still getting in at a good rate, but they're still jittery,”says Jang.  “And they know that if they don't take it now, those rates will keep on going up in the new year.”


Jang says areas such as Cypress and Houston's Heights neighborhood continue to remain popular for home buyers amid the uncertainty.

 

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