Houston housing market is best for buyers since 2013: Report

Study says Houston among 'buyer's markets' for homes

For several years, tight inventory, rising prices, bidding wars, and mortgage rates that have climbed well above historic lows, have prompted would-be buyers to pause their purchase. Redfin finds that reluctance has changed the real estate market so much that sellers significantly outnumber buyers by the widest margin since 2013.

HOUSTON - A new report from real-estate company, Redfin, says the biggest buyer's market since 2013 has emerged.

Included in that market is Houston, which reportedly has the highest home inventory since 2012.

What we know:

For several years, tight inventory, rising prices, bidding wars, and mortgage rates that have climbed well above historic lows, have prompted would-be buyers to pause their purchases. Redfin finds that reluctance has changed the real estate market so much that sellers significantly outnumber buyers by the widest margin since 2013.

The Houston Association of Realtors says the inventory of homes for sale sits at 4.9%, which is the highest it's been since 2012. Metro home prices are largely flat, year over year, with the median sales price across all neighborhoods at just over $337,000, according to Redfin. While some areas like Katy, Fulshear, Cypress, and West U, inside the Loop, maintain strong demand, experts say sellers cannot push the price in most places.

Redfin expects home prices will fall by about 1% over the next year. Additionally, in a strong buyer's market, sellers could lose as much as 5% to seal the deal.

What they're saying:

"What that means is a seller can't just choose any price out of the sky, for their house. It has to be priced to the market. Your house has to be ready to show, everything has to be in order or your house is going to sit on the market," says Houston realtor Tim Surratt, of Martha Turner Sotheby's International, "A year ago, if the neighbors house sold for $800,000, we'd ask for 840 for ours. Those days are gone. What your neighbors house sold for, you have to price yours very similar to that."