Is This The New Normal?

June Results for Zip Code 77441

Rising balloons are a good visual metaphor for the unabated rise in the number of Available homes. For a reality check, in June 2020, the total was 211. This June? Well, it set another record with a whopping 438. Of these 289 were New Homes and 149 were Resales.

Don’t expect the overall market to change either. Economists warned that the housing market is “stuck” until 2026. The good news for Sellers is they believe prices will stay high; and may go even higher. They also stated mortgage rates may not fall much, even if the Fed finally cuts rates. So, this is the new “normal”!

RESALES:

Good news. Sales Prices and Price Per Square Foot both averaged nearly the same as May. However, sad to see that the number of homes SOLD dropped dramatically, to just 38. That’s down 17% in one month. This in turn resulted in the Months of Supply increasing by 38%. A little concerned because the longer a home sits on the market unsold, usually translates to lower Sales prices…

NEW HOMES:

In previous months, the market was stable. June ended this, and not in a good way! Average Sales Price dropped. Average Price Per Square Foot dropped. And, homes that Sold dropped. However, there was an increase though. Unfortunately, it was the Months of Supply! The results clearly show New Homes are reacting to the market by CUTTING PRICES!

Results by Community

Below is a wealth of information for each Community. Just click on the link and view a quick summary that shows how each community is performing; based upon the Averages for both Sales Price and Price Per Square Foot.

If you have any interest in any of these New Homes, please contact us. We offer a special New Home Rebate Program where we share our Commission dollars with you.