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New Home Sales Record Achieved as Supply Crisis Ends

Just a few weeks back, the sales for single family homes in Houston achieved a new record as more than 7,500 homes were sold. This is the highest number that sales have reached in quite a long time.

Houston is undergoing a phenomenal growth in the recruitment industry and the mortgage rates are also fairly low. These two are the prime factors which have led to an increase in sales. In fact, home sales in Houston has been experiencing a winning streak for the past 26 months.

In this regard, a real estate expert stated that the last couple of weeks is another notable period that has put the Houston real estate market under the limelight. Considering the economic conditions that exist in the region right now, this is by no means a surprise, and so Houston is gaining the attention of more and more people.

Some time back, while home sales were still strong in Houston, the supply was becoming exhausted and real estate agents were having a difficult time. But over the last few weeks, change has been noted in this regard, and more homes are being put up for sale. If the supply increases at the same rate, then Houston will enjoy a healthier supply to demand ratio within just as short time period.

The figures of the last few weeks show that sales have increased by almost 23% compared to the same period last year.

Some industry experts believe that as Houston enters the fall season, sales will go down and the housing market is not going to sizzle for the rest of 2013. After all, fall is the season when hardly a few people prefer to relocate because of kids going back to school and the end of year holidays are just around the corner. As such, the best time for home sales are always spring and summer. In the winter season, usually the lowest figures of sales are recorded. This trend has always been followed since eons ago.

Another reason that could bring down sales is an increase in mortgage rates. However, right now most of the factors indicate growth rather than a decline. Observing the current stats, many professionals also believe that sales might not suffer an ultimate low in 2013.

Whatever the situation in fall and winter may be, it is fairly obvious that Houston real estate market wil be extremely strong for the next couple of years.

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