Houston Home Sales Increasing

Welcome everyone to “What’s Happening in Houston Real Estate.”  The Houston market is on fire with record sales and tight inventory. The number of sales in May of 2013 rose 28% from May of 2012. Over 7,500 contracts closed and the average home price increased by 9%.  May marked the 24th consecutive months that home sale price has increased!

The monthly inventory dropped to just 3.3 months; the ‘normal’ inventory is six months! We continue to see multiple offers on homes, many of which are over list price. We are even seeing lots of cash offers.

Everyone asks, ‘are we in a bubble?’ The answer is no, we really are experiencing a huge lack of supply.  It will take about 18-24 months to even out.  That’s how long it takes to develop land and attractive lots.

The Houston economy experienced an increase of more than 105,000 jobs last year and the Houston population is expected to increase by 100,000 this year! We are seeing builders scrambling to build homes to meet the new demand in the suburbs.

We hope this information was helpful to you!  Thanks so much for watching and I hope  you watch next time!