Homes are flying off the market all across the nation, and that means Houston homebuyers have to hustle even more now if they want to score a house.
The latest Zillow market report shows that U.S. homes are selling faster than at any time since 2010. In H-Town, that means homes are on the market for a median of 70 days, which is actually a day more than last year.
In most of the other fast-moving markets, such as San Francisco and Denver, the inventory of available homes has actually gone up considerably since June 2015. That's happily the case in Houston too, where our inventory is 4.4 percent higher than it was last June. The median home price in Houston is $172,900; the national average is $187,000.
"Homes are selling faster than ever as the home shopping season hits its peak," says Zillow chief economist Dr. Svenja Gudell in a release. "If you’re looking for a home, be prepared to move quickly. Adding to this difficult buying environment is low inventory — there simply aren’t many homes to choose from."
How's it looking around the rest of Texas? Dallas-Fort Worth seems right in line with the rest of the nation at 56 days on the market, but its inventory has spiraled with a 20.5 percent decrease. Homes there are moving almost a week faster than last year.
The wait time is similar in Austin, where homes sit for an average of 57 days. Inventory's up 1.1 percent, though, and homes are selling only a day quicker than in June 2015.
The best news for buyers is in San Antonio, where inventory is up a healthy 20.4 percent and homes are on the market for 69 days. They're selling a little faster than last year, but at least there seem to be more homes from which to choose.