Standard & Poor’s will release its latest Case-Shiller Home Price Indices tomorrow, and analysts and journalists alike are eagerly awaiting its findings – and what they will suggest for housing prices across the country.
So far, the narrative has been a positive one. CoreLogic’s home price index, which is used by the Federal Reserve in its research, was positive for the third straight month, the FHFA’s index turned positive year-over-year and last month’s Case-Shiller was positive for the first time in seven months.
Though S&P does not track home prices for the Houston area (it tracks prices in Dallas, instead), some of our most recent articles on Houston’s market spotlighted the city’s strong prices in recent months, and Tom Huckabee, a Realtor with Keller Williams who works in the Conroe regions of the city, said prices have been “stable and rising” in his neck of the woods.
Jobs, Huckabee said, have been a big reason for the housing demand in Houston, as many homeowners from across the country have flocked to the state for its strong energy sector. “They’re chasing the jobs we have out here,” Huckabee said, adding that in his area, the rental market has been even stronger (it’s been “gangbusters,” in his words), with many leasing contracts signing with multiple offers.
All the pieces would seem to be in place for another strong showing for the Case-Shiller (Zillow’s forecasts were notably optimistic), but of course, we don’t know definitively until the indices are unleashed tomorrow. We’ll be reporting on them first thing tomorrow morning, so stay tuned!