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Is Houston Heading for a Record Year in Home Sales?

HOUSTON — The Houston residential real estate market, defying the weak job growth in the local economy, is outpacing the sales pace of 2015.

Although sales were off in July, on a year-to-date basis, home sales are still up about one percent compared to this point in 2015, according to the Houston Association of Realtors.

According to the latest monthly report prepared by the Houston Association of Realtors a total of 7,204 homes sold in July compared to 7,898 a year earlier. That represents a drop of 8.8 percent.

However, when the July vs July comparison is made, it should be noted that July 2015 was the strongest month ever – in any year – for Houston home sales.

“We never like to see a decline in home sales, but it’s helpful to remember that our comparisons each month are to a record year in 2015,” said HAR Chairman Mario Arriaga with First Group.

Houston is not the only Texas city that is poised within reach of record-setting sales during 2016.

Statewide sales total from the Texas Association of Realtors showed that the second quarter of 2016 was the best quarter ever reported in Texas.

“The last few months have been one of the strongest starts to the summer selling season in the history of Texas real estate,” said Leslie Rouda Smith, chairman of the Texas Association of Realtors. “Texas homes of all types and price classes are in high demand. This is especially true for homes priced under $200,000, which are often preferred by first-time homebuyers but also in shortest supply across the state.”

Texas home sales reached the strongest sales total in Texas real estate history as 91,418 homes were sold in the second quarter of 2016 – the highest sales total ever recorded in a three-month period, the Texas Association of Realtors reports.

August 10, 2016 Copyright Realty News Report 2016

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