Houston's housing market cools in January

Fresh on the heels of a record-breaking 2018, home sales across greater Houston began the new year at a dramatically slower pace.

HAR.com's latest market report is now available.

January and February are historically slow months because people are still paying off holiday debt and preparing for tax season

Houston Association of Realtors chair, Shannon Cobb Evans, said several things are a factor.

"People paying off credit card bills, a bump in mortgage rates, the government shutdown, which we didn't have in January 2018," said Cobb Evans.

She said Houston's housing market typically cools in January, but this year it's down eight percent from last January.

Cobb Evans, expects the rest of the year to lean a little bit on the buyer’s market.

"We're seeing inventory steadily increase and with that gives a few more opportunities for a buyer," said Cobb Evans.

She said the rental market is on fire. It's the strongest performance since November 2017—up 16 and a half percent.

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