Houston home sales fell 11.5 percent, compared to last year, with houses averaging 60 days on the market. Real Estate Expert, Kenya Burrell-Van Wormer says the median price slipped slightly at 1.5 percent.\u201d So, I describe what we\u2019re seeing as a slowdown driven primarily by affordability and borrowing costs. It not a collapse in the Houston housing market by any means.\u201d She said. <\/p>\n
With mortgage rates are 6.95 percent higher rates can add up to over a 30-year mortgage as buyers look at the monthly bottom line. For example, if the difference is $60\/month over 30 years that\u2019s $21,600.00- in some cases, that would price out a family. <\/p>\n
\u00a0\u201cThe new wrinkle right now is that the August sales numbers are already showing that buyers are pulling back and those numbers pre-date where we are today with mortgage rates. If our borrowing costs stay at this level- then we\u2019re talking about an affordability headwind issue.\u201d She said. <\/p>\n
Burrell-Van Wormer says housing doesn\u2019t operate in a vacuum. Looking at the geopolitical events such as the war in Iran -can eventually show up in energy prices, inflation, expectations, and our financial markets- affecting borrowing costs. <\/p>\n
Houston buyers have plenty of homes to choose from with 39,000 single family homes listed with just over 5 months of inventory. What\u2019s important she says is prices aren\u2019t collapsing it\u2019s just a slower market. <\/p>\n","protected":false},"excerpt":{"rendered":"Houston home sales fell 11.5 percent, compared to last year, with houses averaging 60 days on the market.…\n","protected":false},"author":2,"featured_media":443069,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[153050,3222,56,58,57],"class_list":["post-443068","post","type-post","status-publish","format-standard","has-post-thumbnail","category-houston","tag-borrowing-costs","tag-housing","tag-houston","tag-houston-headlines","tag-houston-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/443068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=443068"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/443068\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/443069"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=443068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=443068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=443068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}