Houston Real Estate Market Gets More Attention as Another Record is Broken
The month of June was another excellent period for the Houston real estate market. Having recorded the third greatest number of sales for the city, the market is literally booming right now. The prices have been high yet deals have been closed rapidly over this entire summer.
The Houston Association of Realtors submitted a report that stated that the number of single family homes sold in the area was massive and went beyond 7000. These historical records go back several years, but only two times has this record been surpassed. One was in June of 2006 and the other was in May of this year.
Amy Bernstein, working on the team of Bernstein Realty, stated the real estate market is fairing very strong. The demand is very high, but the supply of houses is not always able to meet it.
Since the market is going good, mortgage rates have already risen. This has burned a fire under lazy buyers and gotten them interested in buying a home before the rates go up even more. Bernstein also said that the 30 year mortgage rates are still less than five percent, whereas 30 years back, they were greater than 10 percent.
Buyers also want to get their home secured as soon as possible so that their kids can start school.
In the past month, generally, whenever a house has been put up for sale, the seller has received multiple offers. Prices are rapidly rising, and June saw some of the highest sales being made in terms of money.
For single family homes, the median price or the middle point at which 50% of the houses sold for a value greater than this and the remaining 50% were sold for a value less than this was $192,000 for the month of June, 2013. The previous value was around $170,000, so this is actually a massive 13 percent increase. The average price also showed an increase of 14 percent and reached $268,085.
For townhouses and condos, it increased by almost 10 percent from the same time last year. This June, almost 604 units were sold, whereas last June, this value was around 548.
Houston’s current economy and its relatively low mortgages rates are the two main factors that are currently driving the real estate market. In fact, June 2013 was actually the 25th month in a row in which house sales showed an increase.
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