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Houston hit a record for home sales in July according to HAR.com! Low mortgage rates have allowed many more people to qualify for a loan, which is one of many steps needed in order to buy their dream home. In addition to the low rates, new homes are being built around Houston at a rapid speed which is naturally contributing to the record home sales Houston’s been experiencing. 

Sales data taken from 2018 for comparison shows a 12 percent increase in July 2019’s home sales, which is a significant year-over-year sales increase. As for year-to-date data, 2019 has shown to be “3 percent ahead of 2018’s record volume,” according to HAR.com. Houston’s home inventory also peaked at a 4.4-months supply in June 2019 compared to 2018’s 4.1-months supply (HAR.com). 

The homes that saw the most growth in sales compared to last year’s are those within the $500,000 - $750,000 range, which rose by 22 percent followed by home sales within the $250,000 - $500,000 range. Single-family homes at the median price range of $250,000 rose at 2.2 percent in July as well, marking July’s average price at $312,727 (HAR.com). 

As we mentioned in our previous blog post, “Mortgage Rates Have Dropped. What Does It Mean For Buyers?”, this is the right time to buy a home. Friendswood Development Company’s communities are in many great locations within the city of Houston and its surrounding areas with homes starting in the $170s up to the $800s. Check them out now: 

Master-Planned Communities
Trailwood Communities
Urban Life Communities 
Friendswood Development Builders

SOURCE: HAR.com, Chron