Summer Market Heats Up

Summer is typically a slow time for the real estate market. No one wants to move in the sweltering heat and would rather spend money on vacations. June 2018 is starting the exception in Houston. HAR reports home buyers “generated the greatest one-month sales volume of all time and sent average and median prices to new highs” in June. Even with home prices reaching an all time high, the buyers aren't slowing down. This is especially true of the previously rural, but quickly changing Tomball/Magnolia/Montgomery areas were home prices have risen, days on market are steady, but home sales have almost doubled over 2017 statistics. Buyers in all parts of Houston are still leery of homes that are renovated and on the market after flooding - those are spending more time on the market across the board, where homes under $200K are being snapped up at incredible rates, sometimes with multiple offers. With the rise in home values, Houston has now become #14 on the Lending Tree list of cities with the most $1 million homes - Austin makes #11 on the list. Houston is also #6 on the list of the 10 real estate markets with highest growth potential and #2 on the list of cities that corporations are most likely to expand or relocate - 20 Fortune 500 companies already call Houston home! Some economists suggest June’s record breaking home sales on pending loan rate increases - meaning those in the know should buy now to save money in the long run, but Houston begs to differ. As always, Houston‘s real estate market stays in line with the oil and gas industry. Right now with summer boosting gasoline prices paired with stabilization of the industry, it is no surprise that there are new Houstonians ready to buy houses. In addition, those looking for luxury homes don't seem bothered by potential tax law changes, loan rate changes or what the economists say. Oil draws people to Houston, as do the medical and science industries that thrive here and people create more businesses and homes. It's looking to be one hot summer.