Real estate sales increase during COVID-19 pandemic

Friday, August 14, 2020
HOUSTON, Texas (KTRK) -- It's a good time for those buying or selling a home, as sales in Houston have seen an increase.

Interest rates are low right now, and in the month of July, there was an eight percent increase in sales from a year ago.
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SEE RELATED STORY: How the Houston housing market is changing amid the pandemic

Meanwhile, the inventory of available homes is down 19 percent from last year.

There's about a three-month supply of available homes. That's considered a sellers market, where you can expect full price from your home.

SEE RELATED STORY: Realtors in Houston see increase in home sales during pandemic

For buyers, the interest rate on a 30-year mortgage is under three percent.



Realtors said the area is seeing people in search of jobs, therefore the demand for homes is high.
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"We are seeing some really unprecedented sales in our market, in Houston, over the last several months actually," said Nicole Lopez, a realtor.

With current low interest rates, right now could be a good time to refinance as well. It is advised that any deferments taken on a mortgage during the pandemic are paid before starting that process.

SEE RELATED STORY: You can sell your home online with this real estate website

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