Online real estate broker Redfin has coined the term "real estate flash sales" and says Houston had nearly 200 of them over the past five months. A flash sale is when a home goes under contract within 24-hours after it's been listed. Jason Aleem is a lead Redfin broker in Texas and says it's all about the jobs here.
"There's just only a certain amount of homes for how many people are already there and then on top of that you're having an influx of people that are moving from other major cities in Texas as well as a lot of people moving from around the country. There's just so many jobs right now in Houston. That's the major factor. You know what's going on with the energy sector in Houston and with that you're having a lot of people who are moving into the market and then you combine that with the rates that currently exist. It's just a recipe for very quick sales."
Dallas and Austin were fourth and fifth on the "flash sales" list. Phoenix came in at number one, with 540 one-day sales over the past five months.