Home sales slowed in the U.S., still plenty of demand in East Texas

Home sales slowed in the U.S., still plenty of demand in East Texas
Published: Jul. 20, 2023 at 11:00 PM CDT|Updated: Jul. 20, 2023 at 11:04 PM CDT
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NACOGDOCHES, Texas (KTRE) - Recent reports from the National Association of Realtors show that since January, U.S. home sales fell to a slower pace.

President Ed Pool of Charles Pool Real Estate agrees that there is indeed a decline in home sales and explains the effect it has on home buyers and realtors.

He said, “since this is such a small amount of inventory, it makes it difficult because there are still multiple offers on properties that are appropriately priced.”

What does that say about the market?

“There is a little bit of a leveling in the market but still quite a bit of demand.”

Pool said with more people moving into the community, it creates that demand.

“We have some people that are trying to capitalize in the market and get a higher price...our buyers are not accepting that. They’re very educated when it comes to appraised value, so they’ll offer normal price, but not an exceptional price,” he said.

When asked how the East Texas market compares to others in the state, he said it’s similar.

And a reason for the decline, he said, workers’ demand has more to do with it along with a significant rise in interest rates.

“Anything below $400,000 that’s properly priced is selling quickly, above that is a little bit slower,” said Pool.

So, what would this mean for realtors and the sale of homes?

He said, “If you have some listings that are priced higher than they’re not moving, so it’s the difficulty in marketing and trying to get them sold and to educate the seller. Anything below that where the market is active then there’s a lot of activity and a lot to do.”