HAR has published the Fresh Report for Houston's January Month End Market.
New listings are up significantly over last year (over 20%) and I have to say I am surprised because with as many people that we know that are currently locked into some all time historically low rates, it's interesting to see how many new listings are coming to market.
As we've previously discussed, no matter what is going on in the world, some of the population is always going to need to move, and even these record low interest rates aren't holding everyone in place.
Total listing inventory has swelled to over 30,000 properties, but despite this increase in supply it appears the market is still expanding ever so slightly in price. Average list price is still up over $13,000 compared to last year.
I think the contributing factor is we're still seeing net migration growth in our city and we can see that demand for housing is always inching upward along with the population.
Time will tell of course, but personally I do not see this changing for many years. Houston just has a ton of momentum that has been built over the last 25 years.
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