HOUSTON – According to the Houston Association of Realtors, 1,496 listings were withdrawn from the multiple listing service last month as part of the nation’s retreat from COVID-19.
However, even with the downturn at the end of the month, the local housing market recorded 7,566 home sales in March, up 8 percent from 6,995 sales in March 2019.
Houston’s bull market is heading for a hiatus as pending home sales are down 2 percent and the inventory declined to a 3.5-months’ supply. The Real Estate Center considers six to 6.5 months of inventory a balanced market.
The local economy has taken a hit with a crash in oil prices, which dipped below $20 a barrel last week before rising to the $25 range this week.
The Greater Houston Partnership projects Houston could lose over 150,000 jobs this year if business activity remains shut down, and a timetable to return to normalcy is uncertain.
The Real Estate Center has more information on housing: