Ted Jones, Chief Economist for Stewart Title, gives two reasons. "Sales are not just up --- they are at an all-time record! That's a result of the lowest interest rates in history! If you're looking to buy - you had best hurry up because interest rates are heading back up rather quickly."
Low interest rates are only a part of it. Jones explains the other reason, "We have spent more time in our homes than we ever have in our life times! It has impacted our lives more than it ever has before. So we're buying homes because it makes us feel good!" Jones further explains that because we have been spending more time in our homes than ever before, we want something bigger, smaller, newer, or more quaint.
Jones says the numbers for luxury homes in Harris, Ft. Bend, Montgomery and Galveston Counties are even more amazing. "What's even MORE incredible is that usually in down turns like this, High End anything - cars, boats, houses - doesn't sell. We just saw the sales of Million Dollar Homes in Harris, Ft. Bend, Galveston and Montgomery counties go up 50%!