By Mark Sprague, State Director of Information Capital at Independence Title
Is the local housing market slowing?
Locally, regionally, and nationally, that seems to be a common question / theme. Locally, I can tell you that most of the Texas metros have been on a sustained, positive run, with Austin’s being the longest at over 9 years (6 years being the longest previously).
First, what is happening in the market presently appears to be more of a seasonal slowing, prior to school starting. Second, two months is NOT a trend.
To see if the market is slowing, what are the signs? You need to look for lack of GDP growth, lack of job growth, easy mortgage financing (requiring little to no down and easy qualifying), new and resale inventory increasing, other real estate channels showing signs of overbuilding or slowing of values, etc. There are no indications of any of this happening. Quite the opposite, in fact.
So, why the pessimism? Read Mark’s Complete Monthly Texas Market Update Here.