Houston Home Sales Continue Momentum, COVID-19 Potential Impact Mulled

Low interest rates continued fueling high demand for single-family housing in Houston. During February, 2020, 6,044 homes sold in the metro, a 13.2% year-over-year increase. According to metrics released by the Houston Association of Realtors (HAR), the single-family home median price rose 5.2% to $245,000, while the average price increased by just under 6% to $301,648. Both figures represent the highest price for February.

According to HAR’s John Nugent, the February figures didn’t include the impact of COVID-19, though the organization is monitoring the virus’ potential impact on area housing. “Obviously, with the losses that Wall Street has suffered, as well as declining oil prices, we are keeping a watchful eye on housing market activity,” he said.

However, Stewart Title Chief Economist Ted C. Jones, upon performing an analysis based on previous pandemics and the September 11 terrorist attacks, believes that there could be “no measurable impact from coronavirus on Houston real estate.”

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