As I indicated in my Blog last week, the official HAR statistics confirm another double digit decline in home sales. The number of single family homes sold in Houston in August 2010 declined 16.7% compared to August 2009. A positive note is that for the first time since December 2009, the number of homes actively on the market declined slightly. Pending home sales remained at about the same level as July 2010.
Here is the graph of results I provide for you each month.
I still believe we are in a time of instability and uncertainty. The First Quarter of 2010 was disappointing with the number of sales near the same level of 2009. Sales in the Second Quarter were healthy. By the end of the First Six Months, the number of single family homes sold was up 9.4% over 2009. So far the Third Quarter has been more disappointing than the First Quarter. At the end of Eight Months, single family sales are back even with 2009.
Now is a very good time to buy for Buyers who have no home to sell. Interest rates are very low, inventory is relatively high and demand is low. People with homes to sell before they buy should be more cautious. Good homes properly priced still have a good probability of selling. As I said earlier, now, more than ever, buyers and sellers need agents who are keenly attuned to the market and capable of providing sound, fact based advice. Check back often. Now that the statistics are official I will be posting more information and analysis of the Houston residential market.
Contact me if you would like more detailed information about the Houston Market – firstname.lastname@example.org 713.942.6895.