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Home Sales Blossomed in March

People are buying more expensive homes, and it’s not solely due to the oil industry.

Last year, the uncertainty of oil prices had an effect on the housing market.

But Kenya Burrell with the Houston Association of Realtors says that oil had a smaller effect on the city than many may think.

“Having a diverse economy with healthcare, hotels and restaurants, public education we are not as oil dependent as we have been,” says Burrell.

Single-family homes sales went up 11.7 percent from last March.

And Luxury homes sales with prices starting at $750,000 have also increased.

“Not only have we noticed an increase in the categories of sales of homes, but we’ve noticed a surge in demand for the rental market,” Burrell says.

She says that it’s a sellers’ market right now because housing inventory is low, making finding a home more competitive.

On average homes sold for close to $285,000 which was the highest level for March.

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