"Are we in a bubble?"
A bubble implies something needs to pop and deflate. I have been of the opinion that the Houston market is proving to be robust and Texas at large is drawing people here at a rate that is better than most other states. We don't seem to be near any sort of popping.
"Is this just how the market is going to be now?"
I believe that for the next several months at a minimum, we will still be dealing with most houses having multiple offers, especially in desirable school districts.
I just wrote an offer yesterday and I was told by the listing agent she had 4 offers above mine...and all 4 were cash. It was the first day on the market...
"Will prices ever go back down?"
Based on the last 30 years of Houston market data history...no. Even through the great recession of 2007-2010, Houston housing has steadily appreciated year after year.
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