Houston’s housing market recorded the third-highest sales total in the city’s history in June with record-high prices and fast-paced dealing continuing a torrential pace of sales for the summer. The Houston Association of Realtors reported 7,220 single-family Houston area houses were sold last month. With records going back many years, the only times the monthly sales total was higher was in June, 2006 and this past May.
The market continues to pound away at the competition. There is still a strong demand and small supply of homes for people to purchase. The thriving market has motivated reluctant buyers to buy fast before the rates go up and vice versa, has motivated sellers to sell while the iron is hot. Sellers often receive multiple offers when they list their house for sale. Prices are going up, with record high prices reported in June. Rates for 30-year mortgages remain below 5 percent. In addition to low mortgage rates, buyers are also moving quickly now to get a home secured so they can register their kids for school.
The median price of a Houston single-family home — the midpoint at which half the homes sold for more and half for less — rose 13 percent to $192,000, up from $170,000 in June 2013, the Houston Realtors reported. The average price increased 14 percent year-over-year to $268,085. June sales of Houston townhouses and condominiums increased 10 percent from one year earlier. A total of 604 units sold in June, compared to 548 properties in June of last year. All housing segments experienced gains in June except for those priced under $80,000. Homes selling between $250,000 and $1 million and above registered the greatest increase in sales volume. June brought more positive results to the Houston’s real estate market when comparing all sales categories to June of 2012. On a year-over-year basis, total property sales, total dollar volume and average and median pricing were all up.
The economic boom boosted by Houston’s ever growing energy business has contributed to the housing surge. There is no slowing down in sight. The energy industry has added 91,000 new jobs over the last year. Houston defies all economic indicators and continues to break records. Being at the top of most positive economic recovery statistics continues to be Houston’s niche.
The Houston housing market plowed full-steam ahead through another month and most realtors have never been busier.
Source: “The Hottest Real Estate Market in America: Houston Home Sales Rack up Another Record Month.” CultureMap Houston. Web. 16 July 2013.
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