Aug. 30, 2007 - Sales Rebound in Houston

In spite of national reports of turbulence in the mortgage industry, the greater Houston real estate market held up remarkably well last month. Sales actually rebounded from the previous two months of declining sales.

While the inventory growth of available homes for sale slowed from its recent torrid pace, prices were mixed. The only price segment that continues to show signs of moderate weakness is the $80,000 to $150,000 range, the primary market to be affected by fallout in the sub-prime mortgage market.

Total property sales for the month registered 8,114, which was a 1.1 percent increase versus July 2006. Properties sold during the month reached a total of nearly $1.7 billion, a 5.3 percent increase compared to last year’s nearly $1.6 billion in July sales. Additionally, the median home price for a single-family home reached $155,100 for July, and the average single-family home price came in at $209,339, a decline of 0.5 percent and an increase of 1.8 percent, respectively.

“Everyone has heard the saying that real estate is local, but unfortunately, the mortgage industry is national. While the Houston housing market has held up much better than the rest of the nation, the mortgage finance problems that have been widely reported have resulted in some volatility in our market in the lower price ranges. In these more uncertain times in the housing market, it is even more important to make sure to seek the counsel of a real estate professional,” said Rob Cook, HAR Chairman. “The good news for Houston is that energy prices remain strong, job growth continues and the local economy shows resilience. If any market in the country can withstand the impact of the lending woes it will be this region.”

Source: Houston Association of Realtors

Jun. 29, 2007 - Houston sales churning into summer

Single-family home sales in May declined compared to the same month last year, reversing April’s modest gain, but year-to-date sales are still in positive territory. Prices last month continued to show strength, as both the median and average sales price extended recent growth trends. The much-reported problems in the sub-prime lending market, as well as resultant differences in price classes of properties have been cited as possible contributors to the lower sales levels.

Sales of those homes in the $80,000 to $140,000 price range, which made up 31.9 percent of sales in May, were down 8.3 percent versus the same period last year. Conversely, sales of homes sold for more than $500,000 showed a 14.6 percent increase in activity.

Total property sales for the month registered 8,532, which was a 1.2 percent decrease versus May 2006. Properties sold during the month reached a total of more than $1.7 billion, a 4.6 percent increase compared to last year’s nearly $1.7 billion in May sales.

Additionally, the median home price for a single-family home reached a monthly record for May of $155,000, and the average single-family home price came in at $214,540, increases from last year of 2.0 and 5.5 percent, respectively. The average sales price figure is an all-time high for the greater Houston area.

Source: Houston Association of Realtors

May. 27, 2007 - Houston market begins its busy season

Single-family home sales in April rose compared to April of last year, reversing the first sales decline in more than three years. Prices last month also continued to show strength, as both the average and median sales prices increased in line with trends seen during the last few years. Perhaps signaling statistical validation of experts’ suggestions that tighter subprime lending standards will have a negative impact on home sales, the primary price range of homes showing sales weakness has been those homes priced at $140,000 or less, according to statistics released mid-May by the Houston Association of Realtors. At the same time, homes in the $400,000-plus range have seen tremendous strength in sales.

Total property sales for the month registered 7,275, which was a 2.7 percent increase over April 2006. Properties sold during the month reached a total of more than $1.4 billion, an 8.5 percent increase compared to last year’s more than $1.3 billion in April sales. Additionally, the median home price for a single-family home reached a monthly record for April of $150,000, and the average single-family home price came in at $205,511, increases from last year of 2.0 and 4.8 percent, respectively.

The number of available homes (active listings) at the end of April was 49,946 properties, which was an increase of 17.6 percent versus last April and the tenth month with a year-over-year increase, after 10 consecutive previous declines. The figure was an increase of more than 2,000 properties from last month, which is not unusual for the spring as more homes are listed for sale. It is still a figure to watch though to see if inventory of available homes rises faster than sales, which could place downward pressure on prices as well.

Source: Houston Association of Realtors

Apr. 30, 2007 - Slight adjustment in Houston housing market

Apr. 7, 2007 - Houston still safe from national downturns

The greater Houston area real estate market continued to outpace most of the nation and experience growth, although the rate of increase slowed from recent years, according to statistics released late March by the Houston Association of Realtors. Housing in the Houston region has withstood the more pronounced drops experienced by most other major US metropolitan markets.

Total property sales for the month registered 5,991, which was a 2.6 percent increase over February 2006. Properties sold during the month reached a total of more than $1.1 billion, a 5.7 percent increase compared to last year’s nearly $1.0 billion in February sales. Additionally, the median home price for a single-family home reached a monthly record for February of $146,000, and the average single-family home price came in at $195,561, increases from last year of 2.5 and 2.6 percent, respectively.

“With the reports across the country of rising foreclosures and concern about the impact of subprime lending, we in Houston must watch for any indication of a weakening market,” said Rob Cook, HAR Chairman. “Houston is still one of the most solid real estate markets in the country, and we do not anticipate any dramatic downturn locally.”

Source: Houston Association of Realtors

Jan. 7, 2007 - The Houston Real Estate Market – looking back at 2006

 I have talked to many friends and family members scattered throughout the rest of the country and they have talked about a difficult market in the last year with home sale prices depreciating and homes staying on the market for long periods of time.  I have to say that several years ago talking to those same friends and family members their market was booming with incredible growth while our market was just showing moderate growth.  Having lived in some of those states that showed incredible growth living here the last 10 years I have felt a little bit of envy because our growth has always been moderate; maybe 3% to 6% per year.  To me it brings to mind the story of the tortoise and the hare.  The Houston market has plodded along year after year showing moderate gains.  I have to say I no longer feel that envy I am glad to be living in Houston and plodding along like a tortoise.