HAR MLS Market Report: Houston and Katy Real Estate
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Today, August 24, the National Association of Realtors issued the following statement, “Existing home sales drop 27% in July; effects of expired homebuyer tax credit add turbulence to the market.”
Following the national trend, an anticipated property sales slowdown set into the Houston/Katy real estate market in July following the expiration of the federal homebuyer tax credit. The credit had propelled local home sales for four straight months beginning in March, however home sales suffered a double-digit decline in July. Despite the drop, the average price of a single-family home still managed to climb to a two-year high.
The southside of I-10 had a 26% drop in sales for July compared to 2009 levels. The northside of I-10 experienced a 42% drop in July closings. As many first time homebuyers purchased on the northside, this is reflected in the slowing sales. Despite the downturn, average prices rose slightly on both sides of I-10.
According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), July sales of single-family homes throughout the Houston market fell 25.1 percent compared to July 2009. Sales volume faltered in all single-family home pricing segments Read the rest of this entry »
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