Spring Texas Real Estate: Market Report September 2010
What’s going on with the Spring Texas Real Estate Market? With the elimination of the artificial stimulus caused by the home buyer tax credits, the Spring Texas real estate market continues its downward trend. July’s YTD home sales were down 4%. August YTD home sales were down 5% and now September’s YTD home sales are down 6% over 2009.
We will continue to see the downward trend to increase at least through November. As it was in November 2009 that the first home buyer tax credit was scheduled to expire which caused buyer demand to be accelerated.
The inventory of available Spring Texas homes for sale remains high. Although there were 156 home sales and 120 pending sales last month, the sales activity made only a minor dent in the quantity of active home listings. August’s active listings were 1,433 and September’s active listings were only 19 less at 1,414.
Months of inventory continues to remain high at 7.7 months which if 33% higher than last year. Six months of inventory is considered a balanced market. At the current level of months of inventory, the Spring Texas real estate market is considered to be a buyers market.
The increased competition is forcing the sellers who have a need and not a want to sell to get aggressive on their pricing. 30-year mortgage interest rates are still in the low to mid 4 percent range so if you are thinking about buying a home now is a great time. If you already have a mortgage, its time to contact your lender and see about refinancing.
Want more numbers? Check out past Spring Texas real estate market reports.
The data represented is from the Real Estate Center at Texas A&M University and the Houston Association of Realtors MLS for single family existing homes in Area 13. Area 13 covers the geographic boundaries of East – I45 to West – Hwy 249 to South – Beltway 8 to North – Spring Cypress. A good portion of the houses in MLS area 13 have a Spring Texas mailing address.