Home Buyers Keep the Houston Real Estate Market Humming in August

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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 »

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Katy New Construction Update–September 2012

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 »

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Houston’s Housing Market in a Summer Sizzle

HOUSTON — (August 21, 2012) — Local home buying remained hot in July as real estate consumers accounted for the 14th straight month of positive sales and the steepest one-month sales gain in nearly a year.

Single-family home sales soared 27.0 percent compared to July 2011, according to the latest monthly data prepared by the Houston Association of REALTORS® (HAR). The robust sales activity is keeping local housing inventory at its lowest level in more than five years.

“July was another very healthy month for the Houston real estate market with strong sales across all housing segments, from lower-priced homes to luxury homes,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “Sales volume isn’t achieving the record levels we experienced in 2006, before the recession, but you’d be hard-pressed to find a market performing as well as Houston, even as the national housing recovery continues. Houston’s steady employment growth remains a key driver.”

Both average and median prices were up in July. The single-family home average price increased Read the rest of this entry »

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Houston Home Sales Pricing Reach New Heights in June

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Prices set records during the 13th straight month of positive home sales

HOUSTON – (July 17, 2012) – Temperatures weren’t the only thing sizzling in June. Consumers snapped up homes at the greatest volume in nearly five years, pushing average and median prices to record highs with increased volume in purchases of higher-end properties.

According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), single-family home sales rose 14.4 percent compared to June 2011. This makes June the 13th consecutive month of positive sales. The month also saw local housing inventory hold to its lowest level in more than five years.

“We see the strength of the Houston housing market as a direct reflection of improving consumer confidence in the local economy as a whole,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “One of the principal factors in the demand for homes throughout greater Houston has been steady job gains that the Texas Workforce Commission reports has amounted to more than 90,000 hires over the past year. Read the rest of this entry »

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Houston Real Estate: The New Year Begins on a Positive Note

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The Houston housing market held to positive territory as 2012 began, with January marking the eighth consecutive month of increased home sales. The year also opened with a continued decline in active property listings and growth in pending sales—a combination that signals a healthy market with a balanced supply of housing inventory, and that puts Houston on enviable footing compared to many other markets around the U.S. that are slowly recovering from the housing downturn.

January sales of single-family homes climbed 9.2 percent versus one year earlier, according to the latest monthly data prepared by the Houston Association of REALTORS® (HAR). All segments of the housing market grew except the luxury segment—those homes priced from $500,000 and above—whose decline flattened the overall average price.

“The January report shows continued strength in the Houston housing market that we began seeing in the latter part of 2011, and it gives us cause for optimism as we look ahead to the typically active spring and summer buying months,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “We have also seen more jobs being filled locally and you generally don’t experience a strong real estate market Read the rest of this entry »

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Houston Home Prices Hit an All-Time High in June

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Houston home sales rose for the second time this year in June, with the average price reaching an all-time high and the median price achieving the highest level in nearly two years. The sales increase reflects the slowdown in home purchases that set in a year ago following expiration of the home buyer tax credit. The credit triggered a surge in home buying during the spring of 2010 that resulted in slower sales volume during the remainder of that year.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), June sales of single-family homes edged up 0.6 percent versus one year earlier. That represents the first increase since January when sales volume rose 8.4 percent. The under-$80,000 segment of the market as well as homes priced from $250,000 and above experienced increased sales while the popular middle range, consisting of homes priced between $80,000 and $250,000, saw declines. Compared to June of 2009, a year with no unusual market factors such as Hurricane Ike in 2008 and the 2010 tax credit, single-family home sales were up 2.7 percent.

“We see the effects of the 2010 tax credit in the June Houston real estate market report in the form of a drop-off in sales that took place a year ago once the credit expired,” said Carlos P. Bujosa, HAR chairman and VP at Transwestern. “We expect these credit-skewed readings to taper soon, providing us with a more accurate gauge of market Read the rest of this entry »

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Houston Association of Realtors Report on April Market

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Houston – (May 17, 2011d) The boost that the federal tax credit gave the Houston housing market in April 2010 continues to overshadow local home sales one year later. Sales of homes declined in April 2011 along with average and median prices, however volume increased among rental properties.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), April single-family home sales fell 14.2 percent versus one year earlier. Only the under-$80,000 segment of the market experienced increased sales, which weighed down pricing. Compared to April of 2009, a year with no unusual market factors such as Hurricane Ike in 2008 and the 2010 tax credit, single-family home sales were up 10.1 percent.

The average price of a single-family home dipped 0.6 percent from April 2010 to $202,545. The April single-family home median price—the figure at which half of the homes sold for more and half sold for less—declined 2.2 percent year-over-year to $148,000.

Foreclosure property sales reported in the Multiple Listing Service (MLS) decreased 4.6 percent in April compared to one year earlier. Foreclosures comprised 22.0 percent of all property sales in April, down from 23.5 percent in March. Read the rest of this entry »

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Houston MLS Report for March 2011

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In what reads like a carbon copy of the February housing report, local home sales fell slightly in March while the average price of those homes rose.

In what reads like a carbon copy of the February housing report, local home sales fell slightly in March while the average price of those homes rose. The lower sales volume compares to sales activity in March 2010 that was driven, in part, by the federal government’s first-time home buyer tax credit incentive.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), March sales of single-family homes fell 4.4 percent versus one year earlier. As in February, the popular middle segments of the Houston housing market, consisting of homes priced between $80,000 and $250,000, experienced declining sales while the low and high ends saw an increase in number of sales. Compared to March of 2009, a year without unusual market factors such as Hurricane Ike in 2008 and the 2010 tax credit, single-family home sales were up 6.6 percent.

Luxury home sales boosted the average price of a single-family home for a third straight month. The average price rose 3.3 percent from March 2010 Read the rest of this entry »

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Katy’s Tortoise, Hare and a Seagull

I love this photo and immediately thought it would be a great analogy for the recovering real estate market. Steadily and most assuredly the Katy real estate market is making great strides.

Katy real estate market

Certain areas of Katy, especially those houses south of I-10, are experiencing a very competitive market. In most sections of Cinco Ranch, it is not a buyers market.

Public perception seems to lag behind the current market movement. Sometimes a buyer has to lose several houses when they make low-ball offers before they enter into competitive negotiations.

To tour Katy homes and work with a Realtor who can assist you in selecting a home, navigate repairs and negotiations, call me at 713-818-2404. I have sold Katy real estate for over 21 years. Experience does count!

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The Houston Real Estate Market Concludes 2010 With a Further Appreciation in Home Prices

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The Houston real estate market put the wraps on 2010 with signs of improvement despite six consecutive months of declining sales. Prices of single-family homes across Greater Houston continued their upward march in December while sales volume sustained the smallest reduction since the declines began last July following expiration of the homebuyer tax credit. The average price achieved an all-time high for a December in Houston and the second highest level for all of 2010.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), December sales of single-family homes throughout the Houston market slipped 3.9 percent when compared to December 2009. Positive sales activity was recorded in three of the five segments of the housing market, with the $150,000 to $250,000 segment experiencing its first growth since last May.

Luxury home sales again helped push the latest pricing gains. Read the rest of this entry »

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