Houston-area home closings surged last week for the first time since the start of the coronavirus pandemic.
Buyers closed on 2,401 homes during the week ended June 1, a 50% jump over the same period a year earlier, new data from the Houston Association of Realtors show.
"Although people are still mindful, extreme fear is starting to let up a little bit," said Amy Bernstein, owner of Bernstein Realty. "And interest rates are just really good."
Experts have been anticipating a spike in the real estate market as stay-at-home orders are eased and buyers again start shopping and sellers become more willing to open their homes for tours.
More than a dozen homeowners in the Briargrove neighborhood are participating in a "progressive open house" Thursday, meaning the homes will be open for tours during the same two-hour period.
The agent who organized the event said he's never seen so many listing agents jump at the chance to participate in the collective open house.
"I think it's totally a sign of the times. A sign of everybody being cooped up, not being able to show our listings," said Compass agent Charlie Neath, who has a $1.7 million listing in the group open house.
Many of those who were intending to buy during the shut down are coming back to the market this summer.
"In many ways what would be the spring selling season — March, April and May — is getting pushed over to May, June, July," Bill Baldwin, owner of Boulevard Realty, said Tuesday morning on a weekly Facebook presentation to clients and agents.
Yet those on the hunt for a house may not find much to choose from as sellers continue to take their homes off the market in large numbers.
Last week, 1,777 homes went from active to off-market on the realty association's Multiple Listing Service, up 61% compared with the same period in 2019.
"We're seeing people take their homes off the market that either were going to buy a bigger home and with the economy have nixed that decision or they're just not feeling quite as confident job-wise," Bernstein said.
