Home prices dip, but not slip for Corpus Christi?

CORPUS CHRISTI – Homes in Corpus Christi sold in January for prices nearly 10 percent less than they did a month earlier.

One of the region’s top economists says the dip is an early sign the housing boom is cooling off, a forecast real estate experts reject.

The price of the average home sold in Corpus Christi was $187,900 in January, a 9.5 percent drop from December’s record-high $207,700, according to the Real Estate Center at Texas A&M University.

Dr. Jim Lee, the chief economist at Texas A&M University-Corpus Christi, conceded the one-month dip does not establish a trend. However, market conditions are reminiscent of 2007, when the nationwide housing bubble burst, he said.

“The widely anticipated downtrend is right at the corner,” Lee said. “We are seeing a shift from the seller’s market to the buyer’s market.”

The Real Estate Center reported 241 homes were sold in January, down from 375 in December and 255 in January 2014.

Local real estate experts acknowledged the drop in sales, but said December and January typically are slow months. They cautioned homeowners or potential buyers against overthinking and panicking.

Average home prices in January were higher than those of past Januaries. Home averages were $178,100, $163,800 and $141,700 in January 2014, 2013 and 2012 respectively.