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What Oil Bust? Houston Home Sales Surge in January

Ralph Bivins, Editor, RealtyNewsReport

Ralph Bivins, Editor, RealtyNewsReport

EDITORS NOTE: Houston has a 2.6 months supply of homes for sale, which is near a record low. The energy industry downturn will put pressure on Houston’s housing market this year. But with tight inventory and the creation of 80,000 new jobs, 2015 is going to be another strong year for home sales. There will be no significant drop-off in sales and no decline in home prices – not this year. – Ralph Bivins

HOUSTON – Houston’s housing market sizzled in January, as home sales defied negative news from the energy industry.

Home sales in January were reportedly the second best January ever, the Houston Association Realtors said. HAR reported 4,032 single-family homes were sold in January, up 6.1 percent from January of last year.

Houston is coming off its strongest year ever with 73,573 home sales in 2014. With the softening local economy, many realty experts are looking for slower sales this. But so far – based on these January numbers – the slowdown has not yet occurred.

But January of 2015, despite the decline in the energy industry, turned out to be the second-best January on record for Houston, falling behind only January of 2007, when 4,114 single-famly homes were sold, according to the Realtors association.

“There’s a lot of speculation about oil prices, but the nice homes that come on the market continue to sell. Some people panic a little bit, but the demand continues to grow,” said Houston agent Natalia Arjona of Re/Max -The Woodlands and Spring. “When oil prices drop, the Houston economy is OK. When oil prices are high, the economy is booming.”

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