2008 ends with negative news, But I’m still positive
2008 will be remembered as the year that…. OK, lets hope that 2008 is not remembered at all. Well at least not the last 3-4 months. The year actually started off with some steam still in the Houston housing market. Although the number of sales declined each month from the same time in the previous year, the average home price continued to rise for 7 ½ months, with only a slight decline in August and September. The decline in the number of sales was more prevalent in August thru November running 20% to 32% off from the same month in 2007. The average sales price dropped from a high of $226,072 to $187,866 in November. December numbers are not complete yet, but appear to have recovered a little.
Several things have caused the decline. The slide in the national economy has gradually worked its effects into the Texas market. Many buyers have set on the sidelines waiting and watching to see when the market will improve. Waiting the results of the national elections also put a stall in the motion of the economy. Locally, the Houston area took a hit when a little thing call Hurricane Ike blew through.
While the press likes to report on negative stories, I am keeping a positive attitude. The current inventory of home listings in the Houston area is at an all time low. I believe there is pent-up demand from buyers. Interest rates are low. I think things will turn around soon and therefore, I am expecting 2009 to be a good year.
Filed under: Uncategorized by Dwight's Real Estate Update