Houston's Home Sales Juggernaut Slows—Lack of Supply Blamed

New data from the Houston Association of Realtors shows the end of an "unrelenting string of positive monthly home sales data." According to the Houston Chronicle, the group "attributed the decline to this area’s lack of housing inventory."

Nancy Sarnoff shares the data from Houston Association of Realtors: "Single-family home sales fell 7.3 percent in May, the first significant decline in three years."

Sarnoff also shares the group's take on the numbers, which is expressed by Chaille Ralph, the chairwoman of the association: "It was just a matter of time before our depleted supply of inventory caught up with us….This is Economics 101: Supply and Demand. Until more homes are listed for sale and new housing is built, it’s a safe bet that there will be further sales declines and more demand for rental properties."

The article also includes evidence of the impact of low supply on housing prices and the rental market.

Full Story: Three-year housing streak ends

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!

City Coasters

Hand-drawn engraved maps of your favorite neighborhoods are divided up across 4 coasters making each one unique.
$36.00
Wood necklace with city map

City Necklaces

These sweet pendants are engraved on a cedar charm with a mini map of selected cities. The perfect gift for friends and family or yourself!
$28.00