Why Houston-area home sales are down, but the demand for them is rising
The demand for homes is down.
The demand is up.
But the demand is growing.
That’s the takeaway from a study released Tuesday by Harris Interactive, the firm that conducted the research.
That finding has prompted some to say it’s time to start paying more attention to home sales in the Houston area.
The Harris study found that the median price of a single-family home sold in the city in February was $300,000, down from $330,000 in January.
That was more than double the $160,000 median price for the entire city.
And home sales, which have been in a slump for more than a year, were up in January for the first time since March 2013.
The number of new homes listed in Houston in January reached 1,848, the first increase since July 2016, the Harris report found.
The sales numbers for the month were up 9.4 percent from the same month last year, the company said.
But they were down 9.6 percent from February last year.
Houston has been among the cities hit hard by the recession, and the city has been struggling with housing shortages.
Houston is also home to one of the nation’s largest numbers of veterans.
The Veterans Administration is trying to get its own data on veterans’ housing costs, but many of the homeless veterans are from the Houston suburbs and elsewhere in the area.