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The greater Houston Texas real estate market includes surrounding cities such as Baytown, Sugar Land, Galveston, Richmond, Katy, Missouri City, Pasadena, Kingwoood, Tomball, Cypress and the Conroe real estate market, as well as all areas encompassed by Harris County and the nine adjacent Texas Counties.
Home prices have declined more than 30 percent in the past five years, but two key indicators might be saying its a good time to buy again, reports The Wall Street Journal.
The first indicator is the restoration of the Price-to-Rent ratio. This measures the median price of a home and divides it by its potential rental value. According to the WSJ, the ratio has been restored to its pre-bubble average. The second indicator is low mortgage rates making homes the most affordable they've been in years.
As a result, monthly house payments could the cheapest they've been for borrowers in four decades. Buyers today will be able to get more house for their dollar, but conservative buyers who opt for a moderate house will have smaller payments.
The Houston real estate market has seen ups and downs in recent years, but home prices have been stabilizing. According to Zillow, Houston home prices in September averaged $164,000 - a 0.5 percent decrease from September 2010. Taking these trends into account, consumers may want to start looking into purchasing a new home.