The FRESH Report in IN!
The FRESH Report for April has been released by HAR!
Here's how Houston is looking for the start of May.
New listings are marginally lower than last year. This is driven by the low mortgage interest rates that thousands of sellers are locked into that they (understandably) don't want to give up. This is why we're still working with overall low inventory levels.
Our total available home inventory is hovering just under 20,000 properties, which as they so helpfully remind us, is far lower than the April 2019 citywide inventory of 27,117 homes.
So despite the doubling of interest rates, you can see that prices have still held pretty steady this year. Average list price across the city is up 1.5% from a year ago. Incredible price resilience when you think about it, fueled by the fact that unlike in 2008-2012, almost all homeowners are now sitting on 100-200K of equity due to the increase in values over the last 3 years. They also have a 3% or lower mortgage rate on average and they can afford the payment.
Unless moving is absolutely necessary, people will choose to stay put...
Which drives lower inventory, and means it's a great time to sell if the need is there.
It's all a bit ironic isn't it?
That's why the market moves in cycles.
All these forces pushing and pulling on each other create "the market."
We are here to serve you if you have a Real Estate need.