Market Update: Houston, TX

June has pushed Houston into uncharted territories with setting record highs for the area as a whole. Buyers have continued to seize the opportunity of low-interest rates, as they push to sweep up homes with little supply.

Houston has record-setting numbers in both Total Property Sales and Total Volume for the month. Sales of all properties totaled 13,090 and Total Dollar Volume increased 43.8% to $4.8 billion in the latest report by Houston Association of Realtors (HAR.)

June marks the thirteenth consecutive month of positive sales, with the luxury segment being at the top of the buying frenzy. The luxury market (homes priced above $750,000) again commanded highest increase of all housing segments, with a 136.5 percent year-over-year sales volume increase. Followed by the $500,000-$750-000 segment, which produced a 87 percent increase. Pushing the high-end home-buying to new record-setting levels, with the Days on Market (DOM) figure for single families dropping from 57 to 29.

“Houston has been and will continue to be a luxury hot spot for out of town investors and relocating personnel due to our robust and diverse job market. Adding to the historically low inventory, now more than ever incoming buyers are looking for creative and experienced representation to help navigate and close multiple offer situations.” Kyle Hatcher, Hatch Agency Real Estate

This market report has been provided by Kyle Hatcher, COO and Co-Founder of Hatch Agency Real Estate.

Click here to view their profile.

Sources:
Hatch Agency Real Estate