Real estate sales increase during COVID-19 pandemic

Jeff Ehling Image
Friday, August 14, 2020
Real estate sales increase during COVID-19 pandemic
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Here's why right now is a good time for buyers AND sellers!

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.

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.

"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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