Perhaps Your Most Important First Step

May Results for Zip Code 77441 

In the end, the Sales Price of homes is ultimately determined by the amount of Available homes. If supply increases disproportionately to demand, it puts downward pressure on prices. And, vice versa. Unfortunately, Supply continued to increase in May, and reached a new high of 272.

Since, most Buyers prefer New, this graph also indicates the degree of competition for the Resales. This increased competition, in turn, results in additional downward pressure on prices for the Resales. And, no other area in Houston has such a high percentage of New Homes. 

RESALES: With a trifecta of increasing supply, rising interest rates, and an economy that is trending towards recession, it would be reasonable to assume that the Resale market would fall; just like Newton’s apple did. Instead, results defied gravity and ended May with increasing home prices, an increase in the Price Per Square Foot, and an unbelievable 52% increase in the number Sold. Good news! Yet, we’ll see if this is an aberration, or if the trend continues in June.