Houston housing market shows promising increases
October 18th, 2011 10:02am
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Data from a recent report shows sales in the Houston real estate market have risen for the fourth consecutive month, finds the Houston Association of Realtors.The sales of single-family homes has risen 16.9 percent from September 2010. The price of Houston homes has also increased to an all time high, while the month's inventory fell to its lowest level since May 2010. Pending sales rates rose and the number of active listings in the market place declined.
Houston's overall housing market yielded positive results in all sales categories compared to September 2010. In past months, data was skewed by the expiration of a 2010 tax credit that caused a major drop in home sales.
"The combination of increased closed and pending sales, fewer active listings and strong pricing suggests that we are entering the fall home buying season on strong footing," said HAR chairman Carlos P. Bujosa. "HAR's September report shows rebalanced supply and demand throughout the Houston housing market with diminishing traces of the distortions caused by last year's federal home buyer tax credit."
The average price for a Houston home marginally increased by 0.4 percent from a year ago to $213,334 - the highest September level ever recorded. The median price increased by 1.6 percent to $157,500 also breaking records. Total Houston residential property sales increased 15.9 percent totalling 5,469 transactions. The total dollar value of these transactions equaled approximately $1.1 billion.
Total sales of homes in every price range showed gains in September. Homes priced less than $80,000 rose 11.4 percent while homes between $80,000 and $150,000 increased 21.8 percent. Sales on homes between $150,000 and $250,000 were up 18.7 percent while homes between $250,000 and $500,000 increased 26.8 percent. Overall sales in the luxury market also increased, recording a 2.3 percent increase.
Houston's housing market was hit hard with foreclosures in recent years. Foreclosure property sales increased 2.4 percent and made up 19.4 percent of all property sales. According to RealtyTrac, in the month of September Harris County had 2,466 foreclosures.
Total active listings declined 11.5 percent to 48,752. The housing supply also decreased to 7.1 months, compared to a 9.4 month national average, reported the National Association of Realtors.
Courtesy of 2M Realty News
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