Houston housing market affected by gas prices

HOUSTON -- Falling gas prices are a good thing, but falling home prices are not. Here in Houston it is real concern. And yes, some experts are in fact calling for a slow down in the housing market, but it's not all bad news.

It sounds bad, but a slow down in the Houston housing market is not as scary as you might expect.

This Heights home is selling for more than a million dollars, and real estate agents say it's getting serious looks after only a a few weeks.

Selling homes like this one is one reason listing agent Lauren Taylor had a very good 2014. The question now, what's going to happen in 2015.

"That's the conversation that everyone wants to talk to realtors about right now," Realtor Lauren Taylor said.

Taylor says as oil prices fall, home sellers are worried about their investment. Since Taylor buys and sells homes she too is concerned, but not she's no where near in a panic.

"I think that when the amount of people moving to down goes down a lot more than it is now, that's when I have a concern," Taylor said.

Ted C. Jones is the Chief Economist Stuart Title. He says Houston added more than 120,000 jobs in 2014 and those people fueled the housing boom.

The forecast for 2015's job growth is not as strong, but...

"We are still going to add $60,000 to $68,000 net new jobs, and that job growth is still be better than the US average," Jones said.

Jones says the housing market will cool down too, but he adds Houston's market set records in 2014, he believes 2015 will see demand slow down.

Instead of two months of housing inventory, the area will go back to three months inventory of available homes. A figure that is still the envy of the nation.

"The good news is for prospective buyers out there, you may look at a home and decide a three hours later to offer a contract on it and it may not have multiple offers like they have in the past," Jones said.

As for the value of your home, Jones says home values will go up in 2015, but instead of 10 percent, it'll be more like 4.5 percent increases in value, not as good, but still better than the national average.