Home Sales Surge In Greater Houston Area

With interest rates continuing to be at record lows, now may be the time to find your new home in Lakes of Savannah. If you have an existing home to sell, HAR has released some positive numbers to ease your mind on listing. 

After a quiet spring, Houston Realtors reported a spike in closings for the month of June. As the stay-at-home orders lifted in May, prospective homebuyers set out on their search for their future home with sales surpassing 2019’s pace.

The Houston Association of Realtors (HAR) data reports a 15.7% increase in June home sales compared to 2019. Leading the sales were homes priced from the $250s to $500s with a 28.3% increase, followed by homes from the $500s to $750s. A historic high was also noted in the single-family home median price of $262,000. Exciting news for the real estate market after several months of inactivity.

Many Realtors and builders were flexible and innovative, quickly creating virtual open houses and virtual showings. The combination of low interest rates and virtual options allowed consumers to continue their home search.

How will the market respond to renewed spike in coronavirus? HAR Chairman John Nugent states,  “Coronavirus has driven the Houston housing market into uncharted territory, however, we do know for certain that consumers have shown unwavering interest in real estate since the pandemic began.”

Houston Realtors have adjusted spectacularly to unprecedented changes in order to serve their clients needs. With low interest rates still a major incentive to buy, we are optimistic for continued market success.

Visit Lakes of Savannah and find the perfect home and community for your family.

SOURCE: HAR