Houston has a short supply of houses, but not like the rest of the nation

National housing inventory hit a record low about two years ago, but lagging home sales over the past year gave time for supply to build back up.

National housing inventory fell two and a half percent annually in September, which was more than the almost two percent in August, according to realtor.com.

Goldwater Bank Cypress branch manager and certified mortgage planner Chris Nooney said Houston, unlike the rest of the nation, doesn't have the epic housing shortage.

"We are on about a 90-day supply of inventory. But, homes that are priced well are going to sell, and they'll sell quickly," said Nooney.

He said they're starting to see the higher priced homes sell again--after a slump six months ago.

"The good homes are increasing in value, so when these homes are listed and they go under contract, because the market was so slow back when interest rates were five percent and it was a buyer’s market, now, it's turned to a seller’s market," said Nooney.

He said when mortgage rates were higher, property values were lower, but people weren't buying houses. The catch to sell a house now, is people have to use the appraisal property values back then because there are no current comparables available that support the current value.

Nooney said lower interest rates has sparked buyers to come out.

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