Monday , 6 July 2020
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Houston Housing Market in Recovery

HOUSTON — The Houston housing market has been posting some impressive results, a signal that a recovery is underway.

Home sales were up 17 percent in July. Home prices hit a record high this summer. And the inventory of homes for sale is about 10 percent smaller than last year.

“We are in the early part of a recovery,” says Wayne Murray of Weichert Realtors – Wayne Murray Properties, which just opened its fourth office in the Houston area.

Houston added 65,000 jobs over the last year, as the oil and gas industry expanded. Thousands of energy company employees have been relocated to Texas, providing a jolt to home sales.

Standard and Poors’ downgrade of the nation’s credit rating shocked would-be buyers and put a damper on the market for a few weeks, said Robin Mueck of Heritage Texas Properties. But the upper-end segment of the market has been excellent, Mueck said.

The Houston Association of Realtors reported home sales for homes priced above $500,000 were up 25.7 percent in July, compared to  July 2010.

The housing market dropped significantly last summer following the expiration of the federal homebuyer tax credit, which cannibalized future sales. So compative sales statistics from last year are skewed.

Mortgage rates are at record lows, although some consumers continue to have credit issues, said Shad Bogany of ERA Bogany Properties.

 “Real estate is still a great investment for investors and consumers,” Bogany said.

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