New Home Sales Rise In March, Back To 1971 Levels

The Census Bureau reported that March new home sales posted at a seasonally adjusted annual rate of 621,000 units. This was up 5.8 percent from revised February numbers and the third consecutive month of sales gains for new homes. Combined with the March rise in existing home sales it would appear the first quarter of 2017 has been net positive … Read More

Houston Texas Real Estate Market March 2017

Houston Texas homes were flying off the shelf in March as buyers showed no slights of slowing down even with slightly higher mortgage rates compared to last year. Houston saw an eleven percent increase in home sales activity, and some areas like Katy Texas eclipsed that with a 15 percent rise in sales volume. Houston luxury homes sales ($750,000 and … Read More

When Will The Houston Texas Apartment Specials End?

Houston Texas Apartment Specials

When will the Houston Texas apartment specials end? Probably not as soon as many local economists are hoping for. I will explain why, but before I do enjoy this interesting podcast with the Houston Chronicle’s real estate reporters Nancy Sarnoff and Erin Mulvaney. In this podcast Bruce McClenny offers some nice historical perspective of the Houston apartment market and why … Read More

Census: New Home Sales Rise With Decline In Median Price

New Home Sales

The Census Bureau reported new home sales for February that were 12.8 percent higher than a year ago. New home sales posted at a seasonally adjusted annual rate of 592,000, with the bulk of the sales increase coming from the Midwest region.. The median price of a new home contracted in February was $296,200, down from $311,300 last year. The … Read More

NAR: Existing Home Sales Cool In February

Existing Home Sales

The National Association of Realtors reported that existing home sales cooled to a seasonally adjusted annual rate of 5.48 million in February. Sales of existing homes fell 3.7 from January levels but were 5.4 percent higher year-over-year. NAR continues to fret about an inventory shortage when the real culprit is elevated home prices in general. Existing home sales are still … Read More

Katy Texas Real Estate Market February 2017

Katy Texas Real Estate

Katy Texas home sales rose 13 percent in February, besting the 4 percent increase in sales activity in the general Houston area. Sales of new construction were also slightly higher in February compared to the leap year month of last year. Despite one less day for the year-over-year comparison, sales volume was still in positive territory. It appears more buyers … Read More

Katy Texas Single-Family Rents Still Suffering From Apartment Glut

Cinco Ranch Average Rent

Single-family rents in Katy Texas were about four percent lower in February compared to 2016 levels. Despite higher leasing activity during the month, average single-family rents for homes throughout Katy (Katy ISD) were still noticeably softer in February. Data for February also indicate that days on market were almost 2 weeks longer than February 2016. It’s taking Katy area landlords … Read More

Investor-Owned Homes In Houston Texas Landlord Nation

Landlord Nation

Landlord Nation is alive and well in Houston Texas. It is quite likely that investor-owned homes have been a major factor behind the resilience of the local real estate market after energy markets collapsed. As I mentioned in a previous post rising median home values are just another indicator of the distortions in the new housing market, which is highly … Read More

Financialization Of Housing And The Disturbing Gap In New Home Sales

Disturbing Gap In New Home Sales

The financialization of the U.S. housing market has led to a rather disturbing gap in new home sales relative to existing home sales. This is a subject I was referencing this week when I mentioned the problem builders are facing with the lack of affordable land to build new homes on. Today the Census Bureau reported new home sales for … Read More

NAR: Existing Home Sales Rise 3.8 Percent In January

Existing Home Sales

The National Association of Realtors reported that existing home sales rose 3.8 percent year-over-year in January. Seasonally adjusted sales for January posted at an annual rate of 5.69 million, the strongest sales volume since February of 2007. Single-family home sales were up 3.7 percent compared to last January. For a local comparison, Houston home sales rose a more modest 1.7 … Read More