Houston Real Estate Slumping Along with the Oil Industry

The Houston Chronicle investigates the Houston-Area real estate market, finding signs of the oil slump's effect on a formerly hot market.

1 minute read

August 13, 2016, 5:00 AM PDT

By James Brasuell @CasualBrasuell

SoleilC / Shutterstock

"Houston-area home sales fell 8.8 percent in July, the most severe decline since last winter and a sign that the oil slump finally may be catching up with the housing market," reports Nancy Sarnoff.

"The July drop follows months of relative stability in the property market, which defied the impact of low crude prices that have bankrupt scores of energy companies and resulted in layoffs across the region," adds Sarnoff.

So far, local economic efforts are describing the trend as a yellow flag, but that could change to a red flag if the year-over-year drop continues for a few more months.

FULL STORY: Houston housing market takes summertime hit

Wednesday, August 10, 2016 in Houston Chronicle

Housing Urban Development Texas Houston Real Estate Market Home Sales View More

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