Home sales surge in October

At the current sales rate, Houston real estate has just a 4.4-month supply.The demand for Houston homes continued to surge in October, but this may leave future buyers with limited options.During the month, single-family property sales surged 32.7 percent on an annual basis, according to a report from the Houston Association of Realtors. This marked 17 consecutive months of increased transactions.?The rising sales rate has paralleled the Lone Star State's growing economy, as a greater number of households gain the financial stability needed to purchase property.?”Our active real estate market reflects the general health of the Houston economy, most notably the addition of close to 96,000 new jobs over the past year, according to the latest Texas Workforce Commission employment report,” said HAR chairman and CEO Wayne Stroman.However, at the current sales rate, Houston real estate has just a 4.4-month supply, marking the smallest inventory in more than a decade. This could make it difficult for some buyers to find available property next year, but rising residential construction activity could help fill this void. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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