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We are halfway through the year in Houston, so we thought today would be a good time to send a market update out. This will cover the Houston real estate market, as well as the nationwide real estate market as a whole. There are a lot of things to report, so let's get started with what's going on right here in Houston.
- Market levels are up 2.6% from last year
- Sales for homes under $500,000 are down because there are just not enough properties out there for the demand, while homes listed over $500,000 have seen an increase in sales.
- There is a strong demand for properties in Houston, and the building is just starting to catch up with the demand.
- Appreciation for single-family homes is huge, with about a 10% appreciation rate
- Inventory levels around the country have risen 12% this year after decreasing in each of the last 2 years.
- New home sales are up 18%, a much larger number than was expected. Builder confidence is high and more and more builders are confident in people looking for new homes.
