The pandemic can't slow down the Houston housing market. The latest report from the Houston Association of Realtors (HAR) shows October brought the fifth straight month of sales growth. "Single-family home sales have surged 29.2-percent year-over-year, with 9,287 units sold," says HAR Chairman John Nugent. "The single-family home average price is up 12.4-percent to $334,996---the highest price for October ever."
Despite the pandemic, home sales have been consistently strong for months not just in Houston, but around the country, thanks in large part to record-low interest rates. Nugent expects that pattern to continue. "I think mortgage interest rates are going to stay where they're at for awhile," he tells KTRH. "I don't see any big increase in mortgage interest rates, nor do I see them dropping much lower than where they are."
The biggest issue facing the market is record-low inventory. Nugent predicts that will not change anytime soon, either. "I think the things that may slow us down a bit are the lack of inventory, and the fact that prices keep creeping up a little bit," he says.
"Overall, I think it's going to continue to be a seller's market...the supply is not going to increase noticeably," he adds. "In fact, it may decrease a little bit more."