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. The housing market has been impacted by the pandemic and slumping oil prices which are driving home sales down. Houston housing market 2020 started well. Sales of single-family homes went up by around 14% in January as compared to the previous year, a big start to 2020 that was driven by low mortgage rates and demand for homes priced between $250,000 and $750,000.
The median sold price rose by 4.5 percent to $234,000 and the average price climbed 4.6 percent to $291,034. Home sales experienced another double-digit gain in February 2020 as buyers came out in droves to take advantage of low mortgage rates. Total dollar volume for March jumped 11.0 percent to slightly more than $2.6 billion. Then came the pandemic which interrupted the real estate sector in this region. Before April, home sales had been outpacing 2019’s record volume as consumers took advantage of historically low-interest rates.