A favorable economy has kept buyers active amidst a summer of stiff competition that has often pulled prices above asking price. The latest recorded national unemployment rate of 4.3 is historically low and has served as a general indicator of a strong economy. If wage growth shifts into overdrive from its current state of patient increases, we may see even higher prices or, conversely, more willingness by sellers to increase the inventory pool.
In the Houston region, for the week ending July 30:
- New Listings increased 12.0% to 3,097
- Pending Sales increased 16.6% to 2,096
- Closed Sales decreased 17.6% 2,055