Quicken Loans and HAR suggest Houston home values to fall flat

Average sales prices have declined for two straight months
  • HAR expects its housing market to remain cool for a 'little while.'
  • A recent dip in $500,000+ home sales has negatively affected the metro's average sales prices.
  • Data from Quicken Loans suggests now is a good time for homeowners to refinance.

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Perceived by some sources as an overvalued market, Houston home values are likely to flatten this year. Several recent data sets focused on home prices suggest little upside may remain in the metro. According to an index from Quicken Loans, in December the appraised value of a Houston home was 2.36 percent higher than homeowner perception. Since December of last year the gap between appraised value and homeowner estimate has narrowed by slightly more than 1 percent. For homeowners looking to refinance this is good news, as they likely better understand the equity in their home, said Bob Walters, chief economist for Quicken Loans. However, the roughly 2 percent value perception difference between appraisers and homeowners also signals that the days of year-over-year price appreciation may be coming to a halt. Back-to-back months of Houston home value declines Recent data from the Houston Association of Realtors appears to back this up. During both November and December...