Houston homes sell in April at breakneck pace

Four in 10 homes that went up for sale as of April 1 were purchased two weeks later.A new report indicates that the Houston real estate market is once again one of the fastest-moving ones in the country.According to property information firm Redfin, based on housing numbers?in April, approximately 38 percent of the Houston homes that went up for sale on the first of the month were sold within two weeks. Additionally, 25 percent of properties sold inside of seven days.Texas' largest city didn't have the most significant percentage of properties that sold in a fortnight, though. In San Jose, California, nearly two-thirds of the residences that were listed on April 1 sold in 14 days. And about 50 homes were purchased in 24 hours.”I've been seeing more homebuyers writing preemptive offers in an effort to get under contract before a bidding war erupts,” said Mia Simon, a California-based Redfin agent. Typically, these preemptive offers are well above asking price, non-contingent, and from homebuyers who have already lost out in several bidding wars.”The rate at which properties have been purchased nationwide has left a low inventory. More specifically, in Houston, supply levels fell in April fell to 3.4 months from 3.5 in March, according to the Houston Association of Realtors.
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