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Realtors expect market slowdown soon
A report shows the local real estate market was pretty upbeat last month, but analysts are expecting to start seeing a slowdown soon.
HOUSTON - The Houston Association of Realtors's monthly report out Wednesday shows an upbeat look at the real estate market last month. But analysts expect a slowdown to start showing up soon from the economic blow from the COVID-19 outbreak.
The HAR report shows an 8 percent increase in buyers closing on single-family homes last month over a year earlier and the median price was up 4.1 percent.
But that trend was changing by the end of March, as nearly 1,500 of about 41,000 listings were withdrawn.
"Now keep in mind I think the volume will still be the same, because even though there are less listings on the market, there are also less buyers. I think values will remain steady and strong because inventory will meet supply," said Thai Klam, a Broker Associate with Compass and speaking on behalf of HAR.
The COVID-19 outbreak has realtors showing homes through live streams and digital posts for social distancing, as real estate is considered an essential industry.
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