Home Sales In Texas Hits 35,000 – July 2020

A new record for the state was set in July 2020 with the sales topping to 35,000 in Texas alone. COVID-19 pandemic had put a big hold on all the businesses in April and May. 

As the market opened up, it was flooded with buyers who were waiting to purchase their homes. 

Dr. James Gaines, chief economist for Texas A&M University’s Real Estate Center said, “Pent-up demand from the spring fueled housing activity across the state, after a strong June, existing homes sold through Texas Multiple Listing Services in July broke record highs with nearly 35,000 closed listings.”

In spite of remaining below year-to-date levels, the existing-home sales rose to 13.5 percent compared to July 2019. 

Dr. Gaines added that the increase in sales was bolstered by low mortgage rates and residual demand.  He further predicts that the reemergence of COVID-19 cases during the summer “could temper growth in the coming month.” 

Center research economist Dr. Luis Torres said, “The federal government’s initial bolstering of unemployment insurance and the foreclosure moratorium kept the economy afloat during one of the greatest shocks in our lifetime, moreover, the Federal Reserve’s monetary policy actions have pushed down interest and mortgage rates. 

The situation, however, is still developing from both a public health and economic perspective, and many challenges still lie ahead.”