Even with the turmoil, drama and jitters that came along with this year’s presidential election, the housing market stayed out of the limelight and remained steady.
The housing market was at the forefront of debates eight years ago, but rarely even mentioned this year. And the market is showing that, including in Houston.
Houston home sales in October were statistically unchanged compared to a year ago.
How will Trump’s presidency affect the housing market going forward?
It’s up for debate.
Jonathan Smoke, chief economist at Realtor.com, says Trump’s business background is good news for the housing marketing.
“If you are rooting for the economy to improve, you would hope that his background as a business person, as a real estate developer, would pave the way for more growth,” Smoke said in a Washington Post article.
But Ralph McLaughlin, chief economist at Trulia, is not so sure about that.
“The president-elect has basically made his campaign oriented around uncertainty. He laid out a very uncertain policy landscape,” McLaughlin said in the article.
HAR October report
One thing not being debated is the steady strength of the Houston housing market. According to the latest monthly report prepared by the Houston Association of Realtors (HAR):
- Homes priced between $150,000 and $500,000 experienced positive sales volume, while the market’s high and low ends saw declines.
- Home sales overall were up 1.2 percent compared to this point in 2015.
- 5,916 single-family homes sold in October compared to 5,893 a year earlier.
- Inventory levels grew slightly from a 3.5-months supply to 3.8 months.
"The Houston housing market continues to demonstrate its strength by holding steady in the midst of a weakened energy sector and uncertainty about the presidential election,” said HAR Chairman Mario Arriaga with First Group. “Even without those influences, autumn traditionally marks a period of slower sales, so we are extremely pleased to see the market keeping pace with last year’s record levels."
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