With the fall of oil prices, the Houston market was able to maintain a strong resilience for home sales for 2015. Although October home sales was one of the first months to finally indicate changes due to oil price decline, November home sales sealed the deal. Home sales in Houston fell 10.5 percent last month in the wake of declining oil prices and slowing job growth.
The Houston Association of Realtors reported 4,595 single family homes were sold this November, which was a decrease of 5,135 home sales in November 2014. After a slow couple of months, it is clear that the exceptionally strong sales of this year has come to an abrupt stop. With the last quarter of the year ending, market analysists presume that December will follow in the same fate as November.
As for 2016? We hope that our resilient city can overcome the economic standstill, but only time will tell.