Business

After Record Year For Houston Home Sales, What’s Ahead In 2020?

The regional economy is expected to slow down next year.

Realtors sold more homes in Greater Houston in 2019 than ever before.

This year will be another record year for home sales in Greater Houston, according to the Houston Association of Realtors (HAR). 

Through November, sales have been up 4.1% over 2018.

Shannon Cobb Evans, chair of HAR, attributes this to strong employment growth and low mortgage interest rates.

“That [low interest rates] brings a lot of people to the market that may not have been able to afford a home before and that are paying higher rent prices, they could buy a home,” Cobb Evans said.

Area home sales have increased every year since 2015.

For the coming year, the Greater Houston Partnership is predicting slower job growth and Cobb Evans said that’s just one of many factors to consider.

“There are so many things that can affect the market,” she said, “like a Harvey or a disaster incident like that, a hike in interest rates, any kind of tax law changes.”

Cobb Evans expects 2020 to be another strong year for home sales, while the Greater Houston Partnership forecasts moderate growth in the real estate sector.

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Florian Martin

Florian Martin

Business Reporter

Florian Martin is currently the News 88.7 business reporter. Florian’s stories can frequently be heard on other public radio stations throughout Texas and on NPR nationwide. Some of them have earned him awards from Texas AP Broadcasters, the Houston Press Club, National Association of Real Estate Editors, and Public Radio...

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