November 3, 2016

Last Year We Were Talking About The Complete Opposite

A report from the Dallas Morning News in Texas. “It’s still warm outside, but Texas housing market may be getting an autumn cool down. The number of Texas houses where the seller has cut the price is rising faster than the national average, according to Trulia. Dallas, Fort Worth and Houston were among the U.S. home markets that saw the largest increases in the percentage of home price mark downs in the last year, Trulia found. Almost 13 percent of currently Dallas-area home listings have been marked down, compared with about a 10.2 percent share a year ago. The share of homes marked down rose more than two percentage points in Fort Worth and almost three percentage points in Houston.”

“‘Texas markets dominated the list when it comes to the increase in percentage of listings with price reductions,’ Trulia said in the report.”

The Houston Chronicle. “Trying to get a better read on the local housing market? Take a look at how many sellers and landlords are cutting prices for one indication of how this area is struggling. About 15 percent of for-sale listings were marked down in the last year, compared with 12 percent the year earlier, a new report from Trulia shows. Among the residential leasing market, 17 percent of Houston rentals saw price cuts over the past year, compared with 8.5 percent the previous year.”

KIDY San Angelo. “San Angelo home prices are dropping, according to a report by the Texas Association of Realtors. ‘We’re down about 10 percent or so on prices, the median price right now is about $158,000,’ Max Puello, a San Angelo real estate agent, said. Puello says, the market is prime for buyers. ‘Prices are a little bit lower from their peak last year so it is a very good time to buy,’ he said.”

KSWO ABC News 7. “According to a release from the Texas Association of Realtors on Tuesday, the Odessa housing market is in a bit of a slump. But one local realtor says it’s not that bad. ‘We are level,’ said Warren Ivey, Regional VP of the Texas Association of Realtors. ‘It’s not a sellers market. But it’s not a buyers market either.’”

“Compared to this time last year, number of homes sold have decreased by just over 15 percent. The price has also decreased by just over 8 percent and the median home price sits at $165,000. But Ivey he says it’s not the end of the world, especially for a certain type of employee. ‘I’d like to also think that now that the prices are lowering compared to last year, now we might have more teachers be able to afford the housing,’ said Ivey. ‘So you might see some of our teachers before were only renting properties, it gives them an opportunity now for them to take advantage of our housing market so now they can get into some houses.’”

“Ivey admits the local market is low, compared to the state, but says there’s no need to worry, because it was just last year when we were talking about the complete opposite.”