Houston Real Estate Sales Dip; Home Prices Increase
Posted by 2M Realty on Tuesday, January 26th, 2010 at 3:22pm. |
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After scoring positive gains for three consecutive months, the Houston real estate market dipped slightly in December 2009. According to the Houston Association of Realtors, December volume of single-family homes across the greater Houston area dropped 2.1 percent compared to December 2008. Total December property sales were flat year-over-year (www.har.com).
Single-family home sales increased by 32.0 percent, 13.8 percent and 32.8 percent in September, October and November, respectively.
Houston Association of Realtors chair Maggie Dorrance attributed the December decline in large part to the influence of the holidays.
“The December housing data suggests that we are finally out from under the veil of Hurricane Ike (2008) and probably seeing some of the seasonality that typically affects real estate markets during the holidays,” Dorrance said (www.har.com).
There was one bright spot, however, for those selling Houston real estate. The December single-family home median price of $152,550 rose 5.2 percent from 2008. As Dorrance stated, not all the December data merited negative spin.
“Houston begins 2010 on strong footing compared to much of the country, and between the homebuyer tax credit and low interest rates, we anticipate healthy growth in the months ahead, provided there is stability in the local job market,” Dorrance said.
With the federal first-time and repeat homebuyer tax credits set to expire on April 30, activity in the national and Houston real estate markets is expected to significantly increase. What impact the credits’ expirations may have, in concert with the prospect of rising interest rates, remains to be seen. But for the near term, the Houston Association of Realtors continues to look ahead with optimism.
HAR also reported that the Houston real estate market was stronger in 2009 than 2008. According to a recent press release, there was “an 8.2 percent decline in volume of total property sales and total dollar value tumbled 10.7 percent. The median single-family home price edged up 0.7 percent in 2009 to $153,000; the average sales price for a single family home was $203,626, down 2.2 percent on a year-over-year basis,” (www.har.com).
The Houston real estate industry won’t have to wait very long to see what kind of start 2010 brings. But given the fact that mortgage rates remain historically low, and the tax credits continue to drive buyer curiosity, the probability of a positive result in January is high.
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2M Realty is a unique brokerage firm providing agents both traditional and Internet services throughout the Greater Houston real estate market. With its' Treehouse virtual platform, participating agents experience the freedom of working from home and get to retain 100% of the commission. This platform is an end-to-end online solution giving agents personalized websites, lead management programs, marketing collateral tools, form libraries, transaction management, electronic signature functionality and more.
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Thanks! I think this is very interesting and really an useful topic for the properties buyer. Everyone wants a Painless & Profitable Real Estate Company to buy houses or properties.
Posted on Saturday, February 6th, 2010 at 11:26 AM.