Homes in Texas are staying on market for record-low time, new report says

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Thursday, June 24, 2021
Houston's real estate market reaches record levels
"We're seeing things we've never seen before, multiple offers within an hour or two of properties being listed." That's just one perspective in the middle of a white-hot market right now.

HOUSTON, Texas -- Homes in Texas are being snapped up almost as quickly as Amazon Prime Day deals.

The Texas Real Estate Research Center at Texas A&M University reports that existing homes in the state stayed on the market for only a month in May. That's a record low since the research center began tracking such data in 1997.

"Mortgage rates are still hovering around 3 percent, and ongoing demographic trends continue to support housing demand," Luis Torres, research economist at the Texas Real Estate Research Center, says in a June 23 news release.

RELATED: Houston-area home sales in May up nearly 50% versus last year

Sales of existing homes (those that aren't newly built) rose 2.5 percent by 29,000 transactions from April to May, the center says. However, the sales level remained more than 2,000 below the peak reached at the start of 2021.

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SEE ALSO: Houston real estate market leads nation with new homes