Home Sales in Houston Continue to Climb
Home sales in Houston are still as strong as they have been throughout this year. Last month, sales were more than 16% in comparison to last year, which is a very significant rise. Since May, the total number of home sales in Houston has topped over 7000, and the same can be said for August. In fact, in this month, the total number of homes sales reached beyond 7,500. The last time such impressive figures were seen was almost six years ago in 2007.
The chairman of a prestigious real estate firm said that the summer season had really done the industry good. The stats have been incredible, and astonishingly, it might be quite some time before they begin to go down. People are eager to buy houses, and none of them have any complaints about the rates or anything else.
Home inventory had reduced to a 3.3 month supply. In July, this value was around 3.4 month supply, and the same time last year, it was as high as 4.9 months. So this year, there has been a notable decrease. The effect of this is seen on the rates as well. The reduced supply has caused home prices to go up, and some of the buyers are now feeling the pressure if they are choosy about buying in a certain part of town or if they have a tight budget.
The average median price of single family homes in August has been around $186,000. This is the highest ever median price in Houston in all the past months. Last year, this value was closer to $165,000.
Mortgage rates are also on the rise. In the month of May, they were around 3.5%, and today, the average rates are around 4.5%. Despite the rise in rates, the market still remains strong, because the mortgage rates are still fairly low compared to the values that history has witnessed. They might have risen from what they were in the first and second quarters, but if the last few years are considered, the rates are still good, and so the market has not been affected much.
It is not apparent when the Houston market is expected to cool down. Traditionally, lesser homes are sold in August and so the rage should have been reduced by now, but this has yet to happen.
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