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The Woodlands Real Estate I could feel it happening.

The number of showings were down, our contracts were down, and I tried really hard not to feel down.  I just saw that our Houston area home sales, according to Houston Association of Realtors,  tumbled 10 percent last month.  It is hard to believe this would be the biggest drop in home sales since the spring of 2011.  I would imagine that the price of a gallon of gas has caused this economic downturn that sent sales into a double-digit decline.

In looking over the sales of Houston Homes, the declines were seen throughout all price ranges.  the hardest hit are the homes priced from$80,000 to $150,000, they have dropped 25%,  the $500,000 and up dropped off 10.4%. All in all, October was just not good, and we are not looking that hot in November either.  Sellers are going to have to adjust prices to get their properties sold, as buyers are looking for value prices compared to just paying whatever the sellers are asking just to get into a new home.

In total, 5,873 single-family homes changed hands in October. Townhouse and condominium sales plummeted 17.3 percent, with 508 units selling in October.  The report comes on the heels of news from building analyst Metrostudy, which said new home closings were off a staggering 27 percent.  October marked the fifth time this year that single-family sales have fallen. Year-to-date, sales were down 1 percent. A bright sign for buyers is that there were 26 percent more houses on the market than there was last year. Houston Area Realtors had 21,699 active listings in October. And, since houses aren’t selling as fast as they once were, buyers now have a little more time to consider which home they are going to purchase and evaluate the pricing of the home more effectively.

The number of day on market increased to an average of 53 days to sell a house in October, up from 49 days a year earlier.

Here’s the breakout of October sales activity:

Price range / Change

  • Less than $80,000 -27.2%
  • $80,000-$150,000 -24.9%
  • $150,000-$250,000 -5.6%
  • $250,000-$500,000 -3.4%
  • $500,000 and above -10.4%

Share of sales

  • Less than $80,000 5.0%
  • $80,000-$150,000 21.5%
  • $150,000-$250,000 35.7%
  • $250,000-$500,000 29.1%
  • $500,000 and up 8.7%
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Homes Sales Drop 10% in October 2015

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