Despite hurricanes, major floods, and the drop in oil prices starting in 2015, Houston’s home prices still rose by 3.7% YOY in April 2018. However, CoreLogic has noted that the inflow of potential home buyers from outside the state has declined over the past several years, roughly in line with the drop in oil prices.
More homebuyers were moving into the Houston metro area from other parts of the country than homebuyers moving out of Houston before 2016. But that changed in 2016 with a net outflow of potential homebuyers as the jobs related to oil and gas started to disappear.
The IN/OUT Ratio for home purchase mortgage loan applications in the the Houston Core Based Statistical Area fell to a low of 0.8 in 2016, but has been recovering alongside a rise in oil prices. During this one-year period from 2017 through April 2018, the area received 97 mortgage applications from out-of-state residents for every 100 Houston residents who submitted mortgage applications for homes out of state, for an IN/OUT ratio of 0.97.
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