For the month of May, single-family home sales increased by 10% and the increase concentrated in properties that sold for between $150,000 and $500,000. Houston Chronicle staffer Nancy Sarnoff take a look at data from the Houston Association of Realtors that reveals that in the wake of economic struggles, home sales in the Houston market are actually up 3.6% this year. (subscription may be required.)
The end of bidding wars in the market has made it more attractive for potential buyer with millennials being more active in home buying in this market compared to nationally:
Millennial buyers between 25 and 34 make up a larger percentage of the Houston population compared to the nation overall and have taken out more mortgages as a percentage of the market here than they have on a national level, based on data from Realtor.com, a national real estate listing site.