We will discuss the latest Houston real estate market trends & news and find out how they can affect the investors and homebuyers in the latter half of 2020. This housing market has been impacted by the pandemic and slumping oil prices which led to a decline in home sales. However, the market conditions are showing some signs of improvement due to growing consumer interest and pent up demand after two months of continuous decline in sales.
A huge number of homes went under contract in May after COVID-19-related stay-at-home orders expired which led to a surge of closings in June. Home sales in the Houston housing market are back up to levels considered to be normal for the summer buying season. Homes priced between $250,000 and $500,000 led the way among all housing segments, soaring 28.3 percent year-over-year. The second-best performer consisted of homes in the $500,000 to $750,000 range, which jumped 18.6 percent, according to H.A.R.
Just like the previous month, closed sales were up by 22.2 percent for the week ending July 6 fueled by the increase in listings that went under contract in May and June. However, the fear of pandemic and its impact on real estate sales is still looming large due to spike in cases across greater Houston and other parts of Texas. Whether home sales would continue to climb up or plunge again in the third quarter of 2020 is not certain.
New listings were down for a fifth consecutive a week during the week ending July 6 compared to 2019. Pending sales, which have been strong over the last several weeks, also reflected mounting concerns related to a spike in coronavirus cases with a 3.6 percent decline for the week ending July 6 compared to the same week in 2019.
The complete “HOUSTON HOUSING MARKET REPORT” is given below.