The red-hot housing market appears to be cooling off across the country, but not in Houston. The real estate market in the greater Houston area remains scorching hot.
According to the U.S. Census Bureau, sales of newly built homes nationwide dropped in June to the lowest levels since April of 2020. However, Laith Daik, with Texas Loan Star, says it's not the same in Houston. While we've seen a slight slow-down this summer, he says potential home buyers are still scouring the local market.
“We are seeing people write contracts on properties under construction. It’s very common right now,” Daik said. “The resell market and especially that starter home, 150 thousand up until even that 600 thousand range, very competitive.”
Daik says it helps that interest rates remain low. He does have one concern moving forward.
“There is a bit of uncertainty, especially on the builders’ side because of all the supply chain disruption, and the cost of materials being higher,” Daik explained. “So there has been a little bit of a pullback on new construction. I think that will lower the inventory and cause more competing situations on resell.”