The Westbury area (zip 77035) is located just outside the 610 loop and offers affordable houses (under $400K) and an easy commute to the Med Center. It is almost always a strong seller's market but today a bit of gray showed up in the $300K price range, and it is now a slightly strong market. The chart is here.
The news since my last blog has not been positive about the market - the Southgate area (77030) went RED in inventory, becoming a buyer's market in the weighted average. The chart is here.
The averages at the bottom of my big chart now have five price ranges as buyer's markets with two more adjacent price ranges on the verge. The chart is here.
On April 30 I saw some improvement in the market and began to think that we had reached the bottom. How would I know if we had? I deveoped a new analysis that charts the movement of the average of the weighted averages each Friday. I'm not ready to publish it yet, but just this week the average of the weighted averages rose from 9 to 10. So I was wrong on April 30 when I told a few people (fewer than 5!) that maybe we had reached the bottom. I won't make that mistake again and will watch my new indicator closely. I'll publish it when the time is right.
One bright spot was that the Memorial area bounced back from RED status to GRAY, now a slightly soft market. The chart is here.
As a agent who represents buyers only, I do like market conditions where buyers have leverage. But market conditions that result from a faltering economy is a different matter. We all want the housing market to recover soon and lead us out of recession.
