Houston has become a top relocation attraction for out-of-towners and newcomers alike. With a thriving economy, affordable housing and improved job availability, it’s to no surprise that our city has reached a favorable status.
According to the Houston Chronicle, U-Haul ranked Houston as the top destination for drivers who rented a U-Haul truck one-way. Similarly, Houston topped Forbes Magazine’s list of America’s Coolest Cities to Live in.
With influxes of newcomers, the Houston metropolitan area has seen a sharp increase in home sales. According to the Houston Association of Realtors® (HAR), March marked the 22nd consecutive month of positive home sales. Median sold prices increased by 27 percent from last year’s numbers, while the number of closed sales increased by 3 percent, HAR reported.
Evert Crawford of the Institute of Regional Forecasting at University of Houston’s C.T. Bauer of College of Business, predicts an interesting spring and summer for the Houston housing market. In an interview with the Houston Chronicle, Crawford forecasts prices to steadily increase throughout centrally located neighborhoods and suburbs—potentially increasing bidding wars and aggressive offers.
According to HAR’s latest housing trends, the monthly supply of inventory dropped 57 percent from April of last year, the lowest since 1999.
Jim Gaines, research economist at the Texas A&M Real Estate Center implies that the housing inventory has fallen to its lowest level in more than 10 years. Gaines attributes the low inventory to homeowners not wanting to sell for less and the lack of inventory for sellers to buy new homes once they’ve sold their old property, the Houston Chronicle reported.
With favorable low mortgage rates and the housing market at an all-time high, there’s no telling when the buying frenzy will stop. Experts believe that the positive trend should continue just as long as the demand for properties is there. Last month brought positive results for Houston’s overall real estate market when compared to last year’s numbers. Houstonians and newcomers alike are expected to act quickly on this rapidly moving market.