8 New Home Trends for 2012
From MSN Real Estate:
Easy Access: Baby boomers are getting older and are thinking about what their homes need to look like if they stay in them as years advance. This means more single story homes, grab bars in the baths and fewer stairs.
Bigger Garages – for everything but cars: Larger garages help avoid clutter in the home. They can hold everything from tricycles to golf carts and some even have space for a “man cave”.
Resource or Planning Center: More people are working on lap tops or ipads so they don’t need a larger office/den. Instead, there are nooks for lap top and printer, a desk, and maybe cubby holes for mail.
Home Within a Home: Almost 1/3 of American households are “doubled up” with another adult generation in the house. Homebuilders are responding with more floor plans that have two master bedrooms or even a separate apartment.
Not Just Green – really green: Building homes that create as much energy as they consume.
Homes That Fit People’s Lifestyle: a. direct access to the laundry room; b. Costco pantries in the garage to hold items bought in bulk; c. drop zones for cell phones, keys, and mail.
Homes That Flow: Not a new trend, but one that is picking up speed – the open floor plan that fits a more casual lifestyle.
Infill is In: Developments that are on a smaller scale in urban areas rather than suburban and that are closer to public transportation, commercial opportunities, and job centers.
The 2012 Economic Forecast
I attended the economic forecast luncheon at the Houston Association of Realtors in January to hear Mike Inselman, President of Metro Study, and Jeff Wiley, President of the Greater Fort Bend County Economic Development Council. This was their annual outlook for the greater Houston and Fort Bend County areas for 2012. In a word, they both had very POSITIVE news for this year.
Mike Inselman said there are several things affecting the national economy including the lack of jobs, the ups and downs of the stock market, the uncertainty of an election year, and geopolitics. In his opinion, the solutions for the housing market to rebound nationally is a better economy, consumer confidence, good credit, and jobs, jobs, and more jobs.
He explained that we are very fortunate to be in Houston—the fastest growing city in the US and the #1 job market. He said that Houston has recovered all the jobs lost during the recession, and that Houston’s job growth is 3 times better than the rest of the country. He estimates that the total jobs for 2011 in Houston will be between 87,000-100,000.
According to Mr. Inselman, Houston had a net population growth in 2011 of 145,000 people. He said that 140,000 people = 32,400 housing starts. There were only 18,000 housing starts in Houston in 2011 and he expects about 20,000 this year. That meant, he said, that we are heading towards demand exceeding supply. At the present time there are about 6 month’s supply of single family homes in Houston. That is what he called a balanced market.
Jeff Wiley focused his remarks on infrastructure and mobility developments for Fort Bend County. He said the county now has over 600,000 population and it is predicted that number will exceed 1M in another 15 years. 40% of the population is college educated; 80% owner-occupy their homes.
According to Mr. Wiley, there was a 20-25K net job growth in Fort Bend in 2011 which represented the most job growth ever in this county. 2012 should surpass last year he said. Nine out of ten people can now find employment in Fort Bend County.
As far as mobility is concerned, there are numerous ongoing projects. Bridges are under construction at Riverpark and Alliana on Highway 99. By the third quarter of next year, there should be non-stop travel on Highway 99 from Highway 59 to Interstate 10. Further, Mr. Wiley said, plans are underway to extend the Westpark Toll Rd to Fulshear; and negotiations are already underway with land owners west of Rosenberg for the construction of the next beltway. The Fort Bend Toll Rd is scheduled to extend into the middle of Sienna Plantation with construction to start this summer.
Fort Bend County is also home to some of the fastest growing master planned communities in the country including, Sienna Plantation, Riverstone, Telfair, Alliana, Cinco Ranch, Cross Creek Ranch, Westheimer Lakes and continuing development towards Fulshear. Work also continues on the Imperial Sugar project.
For more information and details on these presentations go online to www.metrostudy.com and www.fortbendcounty.org.
The greater Houston, Sugar Land, Fort Bend County areas are fantastic places to live and to work.
Call me if you are interested in buying or selling a home. Let’s talk! I know the territory!
10 Neighborhood Homebuyer Magnets
According to a NAR survey released in November, quality of the neighborhood was the biggest factor for homebuyers when choosing where to live, followed by affordability and convenience to family and friends.
If you are a home seller you should know that certain neighborhood features are like magnets for homebuyers. Here are 10 factors to keep in mind and to emphasize in your home listing:
Access to transportation. According to the NAR study, being close to public transportation, the freeway system, or to their work location influenced a buyer’s neighborhood choice.- Good schools. In the study, 55% of buyers with children under 18 said school district quality affected their decision. It also affects the re-sale value for people without children.
- Nearby amenities. Restaurants, grocery stores, shops, and dry cleaners are signals that up and coming urban neighborhoods have “arrived”.
- Area architecture. In some neighborhoods, historical or architecturally significant homes can be a big draw for certain homebuyers. They want a neighborhood with character or charm.
- Reputation. Buzz about a neighborhood being “hot” can translate into buyer interest and higher sales prices.
- Parks and outdoor spaces. Prospective homebuyers often appreciate having a park nearby, especially if they have children or pets.
- Low crime rate. People want to live where they feel safe. A low crime rate is a key factor.
- The neighbors. One factor to watch may be how long people have lived in the area. Residents who are satisfied with their neighborhood are thought not only to be less likely to move, but also to have a higher general quality of life.
- Local economy and stable home values. A home is a big investment, so buyers naturally are attracted to neighborhoods where property values are likely to go up, not down. The market’s overall economic health also matters.
- Proximity to cultural experiences. Author and urban studies theorist, Richard Florida, says members of a “creative class” — people whom cities want to attract and whom companies want to hire — prefer to live in neighborhoods with ethnic and cultural diversity, as well as easy access to nightlife, recreational facilities, and the arts.
‘Tis the Season
The holidays are upon us and ’tis the season for baking the favorite family recipes or for trying a new dish for a special party. I thought it would be helpful to have a handy chart for those kitchen measurements you might need. Just print the chart below and put it on your refrigerator for quick reference.
Merry Christmas and Happy Holidays to you and your family, and may your New Year be happy and healthy.
Five Great Things about Homeownership
Five Great Things about Homeownership
by Carla Hill, Realty Times
If you’ve been on the fence about homeownership, now is the time to take a leap! Don’t let the negative press deter you from one of life’s greatest joys.
Take a look at five short and sweet reasons that homeownership is great!
1. Equity. When you pay rent, you never see that money again. It is lining the landlord’s pocket. Yes, buying a home may come with some hefty initial costs (downpayment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Homeownership is about building long-term wealth. A home bought for $10,000 in 1960 is most likely worth 10 times that in today’s market.
2. Relationships: Renters tend to see their neighbors come and go quickly. Some people sign year leases while others are in the community for much shorter terms. Apartment complexes also tend to have less common shared space for people to meet, greet, and socialize. Homeowners, however, have yards, walking trails, or community pools and clubhouses where they can get to know each other. Neighbors stay put much longer (at least three to five years if they hope to recoup their closing costs). This means more time to develop relationships. Research has shown that people with healthy relationships have more happiness and less stress.
3. Predictability: Well, as long as you have a fixed-rate term on your mortgage it’s predictable. Most people buying homes today know that a fixed-rate is the way to go. This means your payment amount is fixed for the life of the term. If your mortgage payment is $500 today, then it will still be $500 a month in 10 years. This allows for people to budget and make solid financial plans. The sub-prime crisis meant many homeowners with adjustable rate mortgages saw their monthly payments rise and then rise some more. Homeownership, though, generally comes with a predictable table of expenditures. Even the big purchases are predictable. You know most roofs last just 15 years (or so). You know that each year you’ll need to pay for the gutters to be cleaned, and so on.
4. Ownership: Okay, this is a given. Homeownership means you “own” your home. That comes with some incredible perks, though! You can renovate, update, paint, and decorate to your heart’s desire. You can plant trees, install a pool, expand the patio, or do holiday decorating that would rival the Kranks (if the HOA allows!). The bottom line is this is your home and you can personalize it to your taste. Most renters are stuck with the same beige walls and beige carpet that has been standard apartment decor for 20 years. Now is your chance to let your home speak!
5. Great Deals: It’s a great time to buy. Interest rates are at historic lows. We’re talking 4.0 percent instead of 6.0 or higher. This means big savings for today’s buyers. Home prices have also taken a dip since the recession, which means homes are more affordable than ever. If you have steady income and cash for a downpayment, then be sure to talk to your local real estate agent about what homes in your area could be a fit for you.
Homeownership can be a real joy. It’s time to get off the fence and into a home that is right for you!
Published: November 2, 2011, Realty Times, www.realtytimes.com
9 Reasons to Invest in Texas!
Texas is built for business!
9 reasons to invest in Texas!
1. Texas is leading the nation in economic recovery.
2. Texas’ economy is BIG and getting BIGGER.
3. Texas’ economy is profitable.
4. Texas’ population is growing.
5. Texas’ economy is international.
6. Tax burden is less in Texas.
7. Texas has affordable housing.
8. Texans have entrepreneurial spirit.
9. Texans are mobile.
Click here to read the entire article!
HOUSTON-AREA HOME SALES RISE FOR A FOURTH STRAIGHT MONTH
Average and median prices reach September highs; market on “strong footing”
HOUSTON — (October 18, 2011) — Houston temperatures finally cooled a bit in September, but home sales remained hot. Sales of single-family homes climbed nearly 17 percent when compared to one year earlier and accounted for the fourth consecutive month of increased sales volume. The prices of those homes achieved all-time highs for a September in Houston. In addition, months inventory fell to the lowest level since May 2010 while pending sales rose and active listings declined. All are considered signs of a healthy and balanced housing market as the fall season gets underway.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), September sales of single-family homes rose 16.9 percent versus one year earlier. This increase followed home sales gains recorded in January, June, July and August of this year. All segments of the housing market, from the sub-$80,000 to the $500,000 and above, experienced positive sales in September. On a year-to-date basis, sales were up 3.2 percent.
“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 Carlos P. Bujosa, HAR chairman and VP at Transwestern. “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 of a single-family home ticked up 0.4 percent from September 2010 to $213,334, the highest level for a September in Houston. The September single-family home median price—the figure at which half of the homes sold for more and half sold for less—also reached a September high for the market, rising 1.6 percent to $157,500.
Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 2.4 percent year-over-year in September. Foreclosures comprised 19.4 percent of all property sales, which is consistent with the levels it has maintained each month since May when it was more than 22 percent. The median price of foreclosures in September was flat at $81,900.
September sales of all property types in Houston totaled 5,469, up 15.9 percent compared to September 2010. Total dollar volume for properties sold during the month jumped 16.0 percent to $1.1 billion versus $962 million one year earlier.
The month of September brought Houston’s overall housing market positive results when all sales categories are compared to September of 2010. Sales volume gains showed more normal, seasonal trending after several months in which the data was skewed by the 2010 tax credit that caused a dramatic drop in home sales following its expiration. Total property sales and total dollar volume rose on a year-over-year basis. Both average and median prices climbed to historic levels for a September in Houston.
Month-end pending sales for September totaled 3,120. That is up 3.2 percent from last year and suggests the likelihood of another positive month of sales when the October figures are tallied. The number of available properties, or active listings, at the end of September declined 11.5 percent from September 2010 to 47,812. The inventory of single-family homes was reduced to 6.8 months, its lowest level since May 2010, compared to 7.7 months one year earlier. That means it would take 6.8 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is significantly better than the national inventory of single-family homes of 8.5 months reported by the National Association of REALTORS® (NAR). These indicators all reflect a balanced real estate marketplace for Houston.
The number of available properties, or active listings, at the end of August declined 11.5 percent from August 2010 to 48,752. The inventory of single-family homes was reduced to 7.1 months compared to 7.8 months one year earlier. That means it would take 7.1 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is significantly better than the national inventory of single-family homes of 9.4 months reported by the National Association of REALTORS® (NAR).
| CATEGORIES | SEPTEMBER 2010 | SEPTEMBER 2011 | PERCENT CHANGE |
| Total property sales | 4,720 | 5,469 | 15.9% |
| Total dollar volume | $962,851,241 | $1,117,023,816 | 16.0% |
| Total active listings | 54,027 | 47,812 | -11.5% |
| Total pending sales | 3,023 | 3,120 | 3.2% |
| Single-family home sales | 3,965 | 4,635 | 16.9% |
| Single-family average sales price | $212,581 | $213,334 | 0.4% |
| Single-family median sales price | $155,000 | $157,500 | 1.6% |
| Months inventory* | 7.7 | 6.8 | -11.0% |
September sales of single-family homes in Houston totaled 4,635, up 16.9 percent from September 2010. This marks the fifth increase of the year following an 8.5 percent gain in January, 1.3 percent rise in June, and 15.2 and 28.3 percent increases in July and August, respectively. On a year-to-date basis, sales are ahead 3.2 percent.
Broken out by segment, September sales of homes priced below $80,000 rose 11.4 percent; sales of homes in the $80,000-$150,000 range climbed 21.8 percent; sales of homes between $150,000 and $250,000 were up 18.7 percent; sales of homes ranging from $250,000-$500,000 jumped 26.8 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—advanced 2.3 percent.
Both average and median price achieved the highest levels ever for a September in Houston. At $213,334, the average price of single-family homes rose 0.4 percent compared to last September. At $157,500, the median sales price for single-family homes edged up 1.6 percent versus September 2010. The national single-family median price reported by NAR is $168,300, illustrating the continued higher value and lower cost of living available to consumers in Houston.
HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In September 2011, existing home sales totaled 3,880, a 20.0 percent hike from September 2010. The average sales price ticked up 0.4 percent to $201,836 compared to last year and the median sales price of $145,000 reflects an increase of 2.1 percent.
The number of townhouses and condominiums that sold in September jumped 14.0 percent compared to one year earlier, marking the fourth monthly sales increase of the year. The first was a 14.7 percent rise in January, followed by a 25.3 percent increase in June and 19.2 percent gain in August. In the greater Houston area, 383 units were sold last month versus 336 properties in September 2010.
The average price slid 0.9 percent to $152,275 from September 2010 to September 2011. The median price of a townhouse/condominium edged up 0.9 percent to $115,000.
September saw continued elevated demand for lease properties throughout the Houston market. Single-family home rentals rose 17.4 percent compared to one year earlier and year-over-year townhouse/condominium rentals jumped 30.0 percent. HAR has reported for several months that this demand has been largely fueled by steady improvement in local employment numbers, with REALTORS® observing a surge in consumers relocating to Houston from around the U.S. The Texas Workforce Commission recently reported that the Greater Houston area gained 65,000 jobs from August 2010 to August 2011, a 2.6 percent increase.
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.
The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.
The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)
Founded in 1918, the Houston Association of REALTORS® (HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.
How To Avoid the Endless House Hunt
As decisions go, buying a house is a biggie.
When you buy a home, you’re choosing a lifestyle for the next five, maybe 10, years at the very least: the neighborhood, neighbors, schools, parks, commute, yard, living quarters. It’s a lot to take on. Not to mention the massive financial risk involved.
It’s enough to make a first-time buyer’s head spin. So much is at stake, but who really wants to traipse through homes month after stressful month? Better to put a system in place up front. Here’s how:
Take a minute to talk amongst yourselves
If you are a couple buying a house, be sure you agree on what you want. Same goes for family or friends who may be giving you advice about what to buy. Sometimes you can get too much friendly advice and and opinions and it can be confusing and frustrating. It might be better to go alone with your real estate agent to see homes.
Make a list and write it down – give it to your agent
After you’ve surfed the real estate web sites and have some ideas, write out a three part list:
Must haves – features in a home you consider non-negotiable such as a good school district or the number of bedrooms. The stuff you are not willing to live without and feel confident you can afford.
These would be nice – this is the wish list. An updated kitchen or hardwood floors – items you acknowledge are wants not needs.
Deal breakers – things you absolutely do not want. It could be a busy road nearby or a long commute. Agents should not waste your time if these are present.
Find the right neighborhood first
Give yourself a deadline
Get pre-approved for a mortgage – don’t waste time looking at homes for which you are not qualified
Last – but not least – choose a good agent – the right agent can make all the difference
Condensed from MSN Real Estate – Karen Aho
New Homestead Exemption Rules Effective September 1
The application process for a homestead exemption in Texas is about to grow more complex. Earlier this year, the Texas Legislature approved new standards of mandatory disclosure for any one of several kinds of homestead exemptions. Beginning on September 1, 2011, those new rules go into effect.
Prior to September 1, a homestead exemption was relatively easy to obtain; a property owner simply filed an application. Now, home buyers will have to follow new rules and provide more proof they are eligible for the claimed exemption.
In order to receive a homestead exemption for property tax purposes, applicants must now provide a copy of their Texas driver’s license or Texas state-issued identification card and a copy of their vehicle registration receipt with their application for a homestead exemption.
In addition, the addresses shown on each of the documents must be the same as the address for which the homestead exemption is sought.
Those who do not own a vehicle will be required to submit a notarized affidavit certifying that fact and provide a copy of a current bill received from a utility company. The address on the utility bill must be the same as the address on the application for a homestead exemption.
The new requirement that takes effect on September 1 is required for any one of the several ways property owners can qualify for a residential property homestead. These include the following:
- General residential exemption
- Over-65 exemption
- Disability exemption
- 100% disabled veterans exemption
- Extension of exemption for a surviving spouse
- Exemption for manufactured (mobile) home
Each of the programs cited above have additional requirements for qualification. However, the common standard is that all such applicants must provide the additional documentation as noted before regarding driver’s license, Texas issued identification card, motor vehicle registration and utility billing receipt.
For those seeking homestead exemption status on a manufactured home, the applicant must also provide documentation as noted below:
- Statement of ownership and location issued by the Texas Department of Housing and Community Affairs
- A copy of the purchase contract or payment receipt that the applicant is the purchaser of the manufactured home, OR, a sworn affidavit that: (1) The applicant is the owner of the manufactured home; (2) The seller of the manufactured home did not provide the applicant with a purchase contract, and (3) The applicant could not locate the seller after making a good faith effort
Applications dated and submitted by August 31, 2011 will be processed under the pre-September 1 guidelines.
HOUSTON HOME SALES RISE AGAIN IN JULY
The second consecutive monthly increase is still attributed to slower than usual home sales in 2010 following expiration of the tax credit
HOUSTON — (August 16, 2011) — What do you get when you compare seasonal summer home buying in a single month to the same month a year earlier shortly after a home buyer tax credit expired? If it’s July 2011 in Houston, Texas, it’s a nearly 17 percent increase in home sales. Last year’s third quarter slowdown in home sales continues to make this year’s generally “typical” real estate activity appear slightly more positive than it otherwise would be considered. July marked the third time in 2011 that sales volume entered positive territory. It also saw the average price of a single-family home reach its highest level for a July in Houston.
According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), July sales of single-family homes rose 16.7 percent versus one year earlier. That third increase of the year followed gains in January and June. All segments of the housing market, from the sub-$80,000 to the $500,000 and above, experienced positive sales. On a year-to-date basis, sales declined 2.2 percent. Compared to July of 2009, a year with no unusual market factors like Hurricane Ike in 2008 and the 2010 tax credit, single-family home sales were down 12.2 percent.
“It is still premature to label this latest increase in home sales a true positive indicator, but with the effects of last year’s tax credit fading and local employment figures strengthening, we should soon have an accurate reading on the Houston real estate market,” said Carlos P. Bujosa, HAR chairman and VP at Transwestern. “I believe the year-to-date and July 2009 comparisons probably yield the most realistic picture of what’s happening locally, and that places Houston in an enviable position when you see how other real estate markets around the country continue to struggle.
The average price of a single-family home rose 0.7 percent from July 2010 to $224,110, an all-time high for a July in Houston and the second highest average price of 2011. The July single-family home median price—the figure at which half of the homes sold for more and half sold for less—increased 0.3 percent year-over-year to $160,000. That is unchanged from June and remains the highest that the median price has been this year.
Foreclosure property sales reported in the Multiple Listing Service (MLS) increased 13.5 percent in July compared to one year earlier. Foreclosures comprised 19.6 percent of all property sales, up slightly from the June level but lower than the first five months of the year. The median price of July foreclosures was unchanged at $84,000 on a year-over-year basis.
July sales of all property types in Houston totaled 5,962, up 17.1 percent compared to July 2010. Total dollar volume for properties sold during the month increased 18.7 percent to $1.27 billion versus $1.07 billion one year earlier.
The month of July brought Houston’s overall housing market largely positive results when all sales categories are compared to July of 2010. However, as has been noted for the past few months, sales volume gains were skewed by the 2010 tax credit that resulted in a decline in home sales after it expired. Total property sales and total dollar volume rose on a year-over-year basis. The average price reached a record high for a July in Houston and the median price edged up year-over-year.
Month-end pending sales for July totaled 3,659, up 12.0 percent from last year. The rate is moving more in line with levels typically seen during the summer home sales months, but still reflects the rapid pace at which 2010 sales went under contract in advance of the tax credit closing deadline.
The number of available properties, or active listings, at the end of July declined 9.5 percent from July 2010 to 50,022. The inventory of single-family homes dipped to 7.6 months compared to 7.7 months one year earlier. That means that it would take 7.6 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is significantly better than the national inventory of single-family homes of 9.5 months reported by the National Association of REALTORS® (NAR).
| CATEGORIES | JULY 2010 | JULY 2011 | PERCENT CHANGE |
| Total property sales | 5,091 | 5,962 | 17.1% |
| Total dollar volume | $1,070,466,812 | $1,270,258,331 | 18.7% |
| Total active listings | 55,247 | 50,022 | -9.5% |
| Total pending sales | 3,267 | 3,659 | 12.0% |
| Single-family home sales | 4,313 | 5,034 | 16.7% |
| Single-family average sales price | $222,534 | $224,110 | 0.7% |
| Single-family median sales price | $159,490 | $160,000 | 0.3% |
| Months inventory* | 7.7 | 7.6 | -1.8% |
Single-Family Homes Update
July sales of single-family homes in Houston totaled 5,034, up 16.7 percent from July 2010. This marks the third increase of the year after an 8.4 percent gain in January and 0.5 percent bump in June. The July number represents the second highest sales volume month of the year. June was higher with 5,570 homes sold.
On a year-to-date basis, sales are down 2.2 percent. When compared to July of 2009, a year in which there were no unusual real estate market influences such as Hurricane Ike in 2008 and the 2010 home buyer tax credit, single-family home sales were down 12.2 percent.
Broken out by segment, July sales of homes priced below $80,000 rose 15.8 percent; sales of homes in the $80,000-$150,000 range climbed 17.7 percent; sales of homes between $150,000 and $250,000 increased 18.5 percent; sales of homes ranging from $250,000-$500,000 advanced 13.7 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—soared 25.7 percent.
The average price achieved the highest level for a July in Houston. At $224,110, the average price of single-family homes rose 0.7 percent compared to last July. At $160,000, the median sales price for single-family homes edged up 0.3 percent versus July 2010, remaining flat from June at $160,000, the highest median price of 2011 and the highest level in two years. The national single-family median price reported by NAR is $184,600, illustrating the continued higher value and lower cost of living available to consumers in Houston.
HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In July 2011, existing home sales totaled 4,341, a 22.0 percent increase from July 2010. The average sales price climbed 3.3 percent to $212,895 compared to last year and the median sales price of $150,000 was unchanged.
The number of townhouses and condominiums that sold in July jumped 26.7 percent compared to one year earlier, marking the second sales increase of the year. The first was a 14.7 percent hike in January. In the greater Houston area, 460 units were sold last month versus 363 properties in July 2010.
The average price rose 3.8 percent to $156,754 from July 2010 to July 2011. The median price of a townhouse/condominium ticked up 1.7 percent to $121,000.
The Houston market experienced continued high demand for lease properties in the month of July. Single-family home rentals jumped 21.6 percent compared to one year earlier and year-over-year townhouse/condominium rentals rose 7.7 percent. This demand has been largely driven by steady improvement in local employment numbers, with REALTORS® observing a surge in consumers relocating to Houston from around the country.
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by REALTORS® throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 50,000 properties may be found on the Internet at http://www.har.com.
The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants.
The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 includes a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)
Founded in 1918, the Houston Association of REALTORS® (HAR) is a member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.
