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
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