Houston Real Estate Had a Very Hot July

Real estate sales in Houston hit record territory in July.

“July was just out of this world,” says John Nugent, the Chairman of the Houston Realtors Association. “Our numbers leaped 23% in July, year over year. We had almost 11,000 units sold of single family homes.” It’s the first time in Houston the number has eclipsed 10,000.

That’s almost staggering, but in line with what’s happening across the country. Home prices are up 5.5% over last year nationally, consistent with trends in Houston. Nugent says there are three factors driving the trend in H-Town, a lack of available homes at the top of the list. There are more buyers than sellers, inventory now down to a three-month supply while a balanced market would be a six-month supply.Low interest rates are making a difference, and the Covid effect, manifest in many ways. People staying home more have more time to take virtual tours to ignite their imaginations, and they have more time to look at options. Remote workers are no longer bound by commute needs. People are ready for a change.

The August numbers come out next week.

photo: Getty Images

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