COVID and The Market

Kristin Lytle.

In March, April and May, many of us sat around and watched the Yellowstone series, tackled projects, purged and organized, listened to a lot of new music, dreamed of getting back out in nature and truly enjoyed the down time.

Then…BOOM! The crazy COVID market hit! We have been experiencing an interesting surge in the market ever since.

The Houston Association of Realtors (HAR) reported a 15.7 percent jump in home sales in June, a strong rebound from a few months of decline. HAR also stated sales of all property types was up 18.3 percent in comparison to June 2019.  The single family home median price increased 3.6 percent. Many investors are stocking up on inventory as they see a future market for returns and renters.

What about low interest rates? Most buyers are snagging loans under 3%. The housing market paints a rosy picture; however, we still have many who are hurting and many who are unemployed. We all need to continue to help folks who are struggling in any way we can as we get our country back on track.

The past couple of months have seen multiple offer situations, cash offers in days and buyers thrilled with low interest rates. It has been a crazy time! HAR’s stats certainly back it up. If you are considering buying or selling or just want to discuss possible future trends, contact Kristin Lytle at 281.414.3059.