The houston real esate market had a solid February with home sales almost seven percent higher year over year. (We'll look at West U specifically later this week).
Consumer spending and industrial production is high in the US, and that should bolster Houston further as there is a low inventory market (less than 4 month supply).
From a week to week perspective:
- New Listings increased 11.6%
- Pending Sales increased 14.3%
- Closed Sales decreased 28%
Note: Pending Sales and New Listings are showing strength for our spring market. Closed Sales is a lagging indicator, as usually people wait two to three months to close on a home.