July saw home sales in the Houston-area fell 8.8%, the most severe decline since last winter. Houston Chronicle staffer Nancy Sarnoff reports on July's decline and whether this means that the oil slump is finally catching up with the city.
Sarnoff points out there may be multiple reasons for the decline outside of oil, inclduing a lack of affordable homes for sale. Some have chosen to dismiss July unlessthe trend persists for another two months, but others point out that there is no longer pent-up demand to sustain the housing market. Making matters worse, the effects of the sales slump were not limited to one particular end of the market:
Sales last month were off in all price ranges, with the worst declines in the lowest and highest ends of the market, according to the local realty data, which are based on sales handled through the multiple listing service throughout primarily Harris, Fort Bend and Montgomery counties.