Business

Single-Family Home Sales Up Ten Percent Compared To Last Year

Single-family home sales in Houston are up ten percent year-over-year, according to the latest statistics from the Houston Association of Realtors.

graph

Steady growth in the supply of homes is credited with boosting the Houston real estate market in May. 

“We have more inventory to choose from,” said Mario Arriaga, chairman of the Houston Association of Realtors. “And so, you know, it looks like the summer buying season’s gonna be a good, healthy market for us. Our pending sales are up. You know, the interest rates — 30-year mortgage, 15-year mortgage — is still below four percent.”  

A total of 7,343 homes were sold in May. That’s a 3.6 percent increase over May of last year. There had been concern about what the downturn in oil would do to the Houston home market.

“If anything, anyway, it allowed more inventory to come on stream,” Arriaga said. “And I think you saw buyers that were maybe on the sideline, didn’t want to get into the bidding wars, so to speak, with the limited inventory.”

Arriaga is looking forward to brisk home sales this summer.

“I don’t think the Feds are raising interest rates anytime soon, so I think we’re going to see those mortgage rates stay and just, you know, extremely low rates below four percent,” he said.   

The single-family home average price declined a fractional 0.5 percent in May to $290,931.

Share