HOUSTON — (April 16, 2013) — It’s hard to tell that the spring home buying season has begun because real estate transactions throughout Greater Houston never slowed during the traditionally quieter winter months. The addition of nearly 119,000 jobs over the past 12 months and the resulting need for housing, combined with continued low interest rates, helped make March Houston’s 22nd consecutive month of positive home sales.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), home sales jumped 17.0 percent compared to last March. Housing inventory, which had been at a 13-year low of 3.6 months during the first two months of the year, shrank slightly in March to 3.5 months.
The lower supply of homes and added demand sent prices higher. The median price of a single-family home—the figure at which half the homes sold for more and half for less—rose 6.5 percent to $172,000, an all-time record high for Houston. The average price rose 4.6 percent year-over-year to $236,195, the second highest level ever.
Contracts closed on 5,779 single-family homes. That is the largest one-month sales volume since August 2012. All housing segments experienced gains except for those priced under $80,000. Homes selling between $80,000 and $250,000 registered the greatest sales volume increase. Read the rest of this entry »
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Home buyers snapped up enough homes in February to raise prices and hold inventory levels to 13-year lows!
Home buyers kept Houston-area REALTORS® hopping in February, generating a 15.5 percent increase in sales compared to the same month last year, according to the latest monthly data compiled by the Houston Association of REALTORS® (HAR). The buying spree held local housing inventory to the same level as January — 3.6 months — which is the lowest supply of homes on the market since December 1999.
February marked the 21st consecutive month of increased home sales, with average and median prices reaching the highest levels for a February in Houston.
Contracts closed on 4,407 single-family homes during the month. All housing segments saw gains except for those priced below $80,000. That suggests the likelihood of an exhausted supply of available homes at that price point. Homes selling from $250,000 to $500,000 registered the greatest sales volume increase, accounting for the price appreciation.
“The recent flurry of home buying and reduced inventory may seem unusual, but is exactly what the Houston market experienced back in the late 1990s,” said HAR Chairman Danny Frank with Prudential Anderson Properties. “The difference is Read the rest of this entry »
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Housing inventory in Houston now matches levels last seen 13 years ago, as January home sales maintained the aggressive pace established in 2012. January marked the 20th consecutive month of positive home sales, with average and median prices reaching the highest levels for a January in Houston.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), single-family home sales achieved the highest monthly year-over-year percentage increase since last October, rising 28.3 percent compared to January 2012. Contracts closed on 3,899 homes, shrinking inventory to 3.6 months. That matches a level last recorded in December 1999.
All housing segments saw gains in January, with homes priced from $250,000 through the millions registering the greatest sales volume and accounting for the boost in pricing.
“The Houston real estate market gained even more momentum as the new year began,” said HAR Chairman Danny Frank with Prudential Anderson Properties. “We are maintaining a watchful eye on the local housing supply because a significant decline from current inventory levels could potentially have an adverse effect on sales and drive prices disproportionately higher. Market conditions right now are excellent for those considering selling their homes, especially as further growth in hiring continues to drive more potential buyers to the Houston area every day.” Read the rest of this entry »
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Sales of homes throughout the greater Houston area never let up in 2012, driven by a combination of strong local jobs numbers and historically low interest rates. December marked the 19th straight month that sales were in the black, and it was another month in which housing inventory shrunk and prices rose. In fact, both median and average home prices achieved historic highs as the year came to a close.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), December single-family home sales increased 11.4 percent versus December 2011. Contracts closed on 5,039 homes, driving inventory down to 3.7 months, the lowest level since December 1999.
All housing segments saw gains in December except for the low end of the market—those homes priced at $80,000 and below. Homes priced from $500,000 and above registered the highest sales volume and accounted for another hike in prices.
“2012 was a phenomenal year for the Houston housing market, thanks to the addition of more than 85,000 new jobs locally as well as continued low interest rates,” said HAR Chairman Danny Frank with Prudential Anderson Properties. “Market conditions have created excellent Read the rest of this entry »
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The number of homes on the market in Houston reached the lowest level in more than a decade in October, thanks to a surge in sales that also lifted prices to the highest levels ever for an October.
Single-family home sales skyrocketed 32.7 percent compared to October 2011, according to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), and accounted for the 17th consecutive month of positive sales. Contracts closed on 5,379 homes, driving inventory down to 4.4 months, a level last seen in December 2001. All segments of the housing market saw gains in October, with the steepest among homes priced above $250,000.
“Home sales throughout Houston were incredibly strong in October and sent the supply of homes down to 4.4 months, which is the lowest level we’ve observed in 11 years,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “Our active real estate market reflects the general health of the Houston economy, most notably the addition of close to 96,000 new jobs over the past year, according to the latest Texas Workforce Commission employment report. The inventory squeeze has definitely created fertile ground for homebuilders.”
Foreclosure property sales reported in the Multiple Listing Service (MLS) declined 10.9 percent compared Read the rest of this entry »
Houston-area property sales have now held firmly to positive territory for 16 straight months, and September’s flurry of home buying caused a further drawdown of inventory and hike in prices. While monthly sales volume eased a bit compared to August, there was enough activity to lower available housing inventory to levels not seen since March 2002.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), single-family home sales rose 8.7 percent compared to September 2011. Contracts closed on 5,014 homes in September, driving inventory down to 4.7 months. Only the low end of the housing market experienced a drop in sales.
“Demand for homes throughout Houston continues to outpace supply as we transition into the fall season,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “Home sales traditionally begin to taper off this time of year, so we are not worried about inventory declining to unhealthy levels. For those considering selling a home, current market conditions present excellent opportunities, and with interest rates falling to new Read the rest of this entry »
Compliments of the Texas Association of Realtors
There are many reasons people consider selling a home. Whether you are thinking of upgrading, downsizing, or simply making a change, you may be wondering if the timing is right. Here are several reasons why this may be a good time to put your house on the market.
Housing prices in Katy have been steadily rising at a moderate pace for many years, even while other communities have experienced price fluctuations. Chances are that your home is worth more than even a few years ago.
Record-low interest rates motivate buyers to act on their desire to purchase a home and give them more purchasing power.
Unlike several other states that experienced wild price fluctuations and skyrocketing foreclosure rates, Katy does not have a glut of unsold homes. This is even more pronounced in Katy than some other Texas locations. According to the Real Estate Center at Texas A&M, the statewide supply of homes is at a level that leads to a balanced market.
Individuals and businesses continue to move to Houston at an unprecedented rate. This ongoing population feeds a strong demand for housing.
As a Texas Realtor, specializing in West Houston and Katy, I can show you how our current housing-market conditions factor in to your goal of selling your home. You can count on me to put your interests first while I assist you during this exciting process. I have sold real estate for over 23 years. Give me a call at 713-818-2404 or email me at [email protected]. Experience does count!
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August marked the 15th consecutive month of positive home sales across the greater Houston area, with single-family homes selling at the greatest one-month volume since August 2007. Buyers gobbled up enough properties to drive inventory down to a level last seen more than 10 years ago.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), single-family home sales jumped 20.0 percent compared to August 2011. Contracts closed on 6,600 homes in August, sending inventory falling to 4.9 months.
“August rounds out an extremely prosperous summer for the Houston real estate market,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “As we saw in July, homes sold well in every pricing category, but particularly the higher end, which contributed to another boost in home prices. Further growth in local employment and low interest rates continue to make Houston attractive to home buyers.”
The single-family home average price increased 4.0 percent year-over-year to $224,464, the highest level for an August in Houston. Read the rest of this entry »
This article is compliments of The Katy Area Economic Development Council
Cinco Ranch Southwest located at Spring Green Boulevard and FM 1093 is almost nearing completion, with 905 lots developed in 2011, 678 lots projected for 2012, and 5,200 total lots are projected at completion.
• Cinco Ranch Northwest projected 429 lots for 2012, and 1,182 total lots are projected at completion in about four years. The firm and the school district have already determined that another school is needed in that community.
• Cross Creek Ranch projected 550 lots for 2012 and 6,575 total lots are projected at completion.
• Churchhill Farms, a project located west of FM 1463 is under construction with 187 lots projected for 2012, and 570 total lots projected at completion.
• Pine Mill Ranch completed 153 lots in 2011; 176 lots are projected in 2012, and 1,212 total Read the rest of this entry »
Record-low interest rates and low median home prices have made Texas the state with the most affordable homes, according to the Real Estate Center at Texas A&M University. Fort Worth is the state’s most affordable major metro, while Austin has the highest median home price.
“The home purchasing power of a dollar in income increases dramatically as interest rates fall,” says Jim Gaines, research economist with the Real Estate Center. “With an 80% loan at 10% interest, $1 of income buys about $3 of housing. At 7%, it buys $4 of housing. At 4%, it buys nearly $5.50.”
But the gap between Texas and the rest of the nation is narrowing. The national median home price fell 25% from 2006-2011, while the median price in Texas increased 4%. Gaines says that Texas affordability may soon decrease as home prices begin to rise faster than incomes in some areas of the state.