HAR Chairman Says Houston Market to Experience "Continued Weakness"

In wake of declining sales, and Houston Association of Realtors (HAR) Chairman's statement that ""The Houston real estate market is likely to experience continued weakness...", its tough to stay positive.

The good news is that Houston is not faring as poorly as the rest of the county and, more importantly our slowdown is decelerating.

OK -- that's a few too many "speed" references.

According to the October report by the Houston Association of Realtors (HAR), total property sales decreased by 8.6% from the same month last year but that's still a vast improvement from September's 16.7% year-on-year decline.

Inventory available may have peaked as well with "Months Inventory" dipping to 6.2 months from September's 6.3 months. A shrinking inventory, if the trend can continue, will be the first sign that the market has a chance of renewing strength.

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source: houstonrealnews.com