The Houston Chronicle reports that the super-hot Houston housing market is under dual threats from COVID-19 and low oil prices. February showed a double-digit gain for home sales spurred by low mortgage rates, but concerns are growing about the future. “Coronavirus was not a factor in the February housing data, but obviously with the losses that Wall Street has suffered as well as declining oil prices, we are keeping a watchful eye on housing market activity,” said John Nugent, chairman of the Houston Association of Relators.
Real estate agent Jessie Singh said the owner of one of her listings in Rice Military instructed her to accept an offer he had declined before the oil and stock markets plummeted on Monday. “He literally sent me a text that said: ‘Accept this offer,’” said Singh of of JSingh Homes.
The economic uncertainty may bring an end to the roll the Houston housing market has experiencing over the last few months. In February, buyers closed on 6,044 single-family homes, a 13.2 percent jump over February 2019, new data from the Houston Association of Realtors show. The median price of those sales was $245,000, up 5.2 percent from a year earlier.
Single-family homes priced between $250,000 and $500,000 saw the strongest sales in February, followed by properties priced at or above $750,000, according to the data, which includes sales handled through the Multiple Listing Service throughout primarily Harris, Fort Bend and Montgomery counties.Read More