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Katy Texas Real Estate Market February 2017

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 …

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Katy Texas Real Estate Market January 2017

Katy home sales fell 10 percent year-over-year in January as the mean reversion continued to take shape in the Houston area real estate market. Houston as a whole saw home sales volume that was up about 1 percent. Sales of new construction declined in January, falling 5 percent within Katy ISD and down 4 percent in Houston. Single-family home prices …

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New Home Sales Crash Back To Reality Of Higher Rates

The Census Bureau reported December new home sales of 536,000 (seasonally adjusted annual rate). This was a 10 percent drop from the revised November numbers and well shy of expectations. Unadjusted new home sales (38,000) were flat year-over year. The average price of a new home contracted in December 2016 was $384,000 while the median price posted at $322,000, near …

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Katy Texas Real Estate Market December 2016

Katy Texas real estate finished out 2016 much like it started, with sales volume stagnating amid diminished affordability and increasing inventory. Home sales within Katy ISD declined seven percent during December while Houston area home sales rose about 3 percent. New home closings within Katy ISD were down 28 percent compared to December of 2015 while new home sales fell …

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New Home Sales Rise In November To 592,000 (SAAR)

New home sales rose to a seasonally adjusted annual rate of 592,000 in November. Census Bureau numbers showed the average price of a new home contracted in November was $359,900, down from the average price of $376,800 seen last year. The median price of $305,400 was also lower than last year’s median of $317,000. New home sales have been surprisingly …

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Katy Texas Real Estate Market November 2016

Katy Texas homes were flying off the shelf in November as buyers hedged election year uncertainty and locked in their relocation plans. Compared to November of last year¬†sales volume in the Katy area was up by 19 percent. Sales in Houston as a whole rose by 21 percent year-over year. New home sales in the Houston area rose by 24 …

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Mortgage Purchase Applications Stall With Higher Rates

Mortgage purchase applications took a nose dive in the latest MBA weekly survey. According to the Mortgage Bankers Association total mortgage applications decreased 9.4 percent for the week ended November 25, 2016. The mortgage refinance index fell 16 percent from the previous week. The unadjusted purchase index fell 34 percent from the previous week. The unadjusted purchase index is now …

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Houston Home Prices Rolling Over In Sea Of Financialization

As Houston home prices roll over in many submarkets across the area, it is interesting to see the pundits and establishment players parade and endless supply of “fake news” to offer the impression that Houston’s real estate market is still a relative bargain. This weekend I came a across a rather humorous piece of “sponsored content” from a major real …

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New Home Sales Soften In October

New home sales for October came in at a seasonally adjusted annual rate of 563,000. This was below forecasts, and the previous three months of new home sales were revised downward by 34,000 units. Even with the decline, new home sales were still 17.8 percent higher than October of last year. The Census report for new residential sales in October …

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Mortgage Rates Rip To Highest Level Since July 2015

Katy Texas mortgage rates rose to their highest levels since July 2015 as we ended the week. That new home you may have been looking to purchase just became more expensive. Unless you already had a mortgage rate locked in, higher rates likely means higher home payments or diminished expectations. As Friday came to a close, mortgage brokers were discussing …