Oil prices may not be at their highest in Houston, but home sales are. The number of homes sales in the Houston area broke a record in July. The housing market defied predictions of a slowdown and fallout from the declining energy industry. Houston’s economy and growth is no longer solely reliant on the energy industry. We have grown as a city and our growth has paid off. We can see some benefits of this in the housing market.
Towne Lake is growing as well, not just with building new homes, but also with our mixed-use development, The Boardwalk at Towne Lake. The Boardwalk is bringing not only new shops and restaurants to our community, but new homebuyers as well.
Economic conditions in Texas have not declined enough to flatten home sales and mortgage interest rates remain low, which people are taking advantage or right now. Considering how high the rental market is, buying a home is the smarter and most cost effective option. Owning a home is less expensive than renting. It’s a great time to buy and Towne Lake is a great place to live.
The Houston Association of Realtors has reported a total of 8,147 single-family homes were sold in July. August single-family home sales totaled 7,454 compared to 7,407 a year earlier. Homes priced between $150,000 and $500,000 saw moderate gains.
Home sales have been on a roll. We saw a record setting year in 2014 and this year's home sales are running ahead of last year’s pace. This year alone Houston has seen 43,559 single-family homes sold in the area. At this point last year Houston home sales were at 43,482. 2015 could end up being the best year ever for home sales in Houston.
