Home Sales Expected to be Cool in August

August is back to school month, and we typically see our home sales slow down this month, but let’s face it, this has not been a typical year.

As we head into the 3rd quarter of the year, the real estate market has been humming along, but we definitely saw a slow down in home sales in June and July as it seems like everyone that could escape the Houston heat, left for vacation.

Every year after May, the Energy Corridor restaurants see a big slow down in business and go into an off-season, but according to one of the Energy Realty agents, John Cardona, who also works for Boss Cat inside the loop, this restaurant slow down even hit restaurants inside the loop.

According to the article in Houston Agent Magazine, “Closings are also down for the 30th straight week. A total of 2,247 homes were sold during the week, marking a 10.4% decrease from the amount sold a year ago.

”I am not trying to be a Debbie Downer, but I also like to share my Real Views on what is happening in this real estate market. Despite this slow down, we are continuing to sell homes, and we are still seeing multiple offers because let’s face it—everyone needs a place to live and rental costs have skyrocketed.

With another spike in interest rates this month, I expect August to be pretty slow, but I am optimistic that we will see another surge after Labor Day.

Our inventory levels in the Energy Corridor remain at 2.3 months supply; Katy at 1.5 months supply; and Memorial at 3.3 months supply.

My advice is if you are looking to buy a home and a good home that is priced well comes on the market, jump on it!