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Houston's Lack of Home Inventory Worsens with Spring Approaching

Houston was devastated by Hurricane Harvey in 2017 but home sales have bounced back since the storm. Unfortunately, the Houston home inventory is very tight as spring begins to roll around the corner.

"Houston-area prices and sales were already in record territory for the month of February," according to National Mortgage News.

"The number of single-family home sales rose 5.3% year-over-year to a February record of 5,260, according to a Houston Association of Realtors report released March 14. The median price ticked up 1.4% to $226,200."

Mark Dimas, of Mark Dimas Properties told NMN that any home "under $200,000 is flying off the market." However, he is concerned that an increase in interest rates could drive up the prices, leaving the folks who are on a price constraint with very little to choose from.

"The Dimas team has come up with creative ways to help buyers source properties that aren't yet on the market," according to the report.

"That includes sending letter campaigns introducing a prospective buyer in targeted neighborhoods in hope of finding a willing seller. In Dallas, agents have gone so far as knocking on doors."

While the housing market is returning positive numbers, the lack of inventory is preventing Houston real estate from performing at its very peak. The need for additional inventory is heavily in-demand as spring rolls around and the buying season kicks off.

To learn more about the lack of housing inventory in Houston, click on the image above.

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