Home sales slowing down? Not here!

The Houston Association of Realtors (HAR) released today the August sales numbers for the Greater Houston area. Bottom line, a story that you might be familiar with: No end in sight for the growth of demand for homes. We’ve included the actual Press Release and the video that came with it for you to watch.

From a local perspective, we continue to see the same indicators we have consistently been reporting: rising prices (median and price per square foot), a faster turnaround time to sell, and a reduction in homes inventory — even with the mortgage interest rate spike. Speaking of rates, Freddie Mac shows that they’ve been steady, and the Fed has expressed a commitment to keeping rates low to prevent them from climbing too high, too fast. We’ll share the graphs with you once the official numbers have been released by HAR.

One of the key things to note, however, is that the latest trend is that buyers are starting to shift towards land.  Maybe because room has run out in The Woodlands, or they truly can’t find what they’re looking for in surrounding areas – so a few buyers are starting to look towards places as far north as Willis for land to build their dream home. Do you see yourself as one of these buyers? Give us a call – while buying a lot might look straightforward, it’s likely that we can help avoid some pitfalls and headaches down the road – and help you save some money too :o)

HAR Press Release

HOUSTON  (September 17, 2013) — You won’t find signs of the traditional autumn slowdown in the Houston real estate market as August provided a 27th consecutive month of positive home sales. Following July’s small uptick in home inventory, buyers once again outpaced sellers in August, sending months of inventory from 3.4 to 3.3 months versus 4.9 months at the same time last year.

According to the latest monthly report prepared by the Houston Association of REALTORS® (HAR), home sales climbed 16.2 percent year-over-year, with contracts closing on 7,504 single-family homes. Monthly home sales volume has topped the 7,000 mark for four straight months, matching levels last seen in the spring of 2007.

The median price of a single-family home—the figure at which half the homes sold for more and half for less—rose 12.8 percent to $186,200. The average price increased 16.4 percent year-over-year to $260,607. Both figures represent the highest prices ever seen in an August in Houston.

August brought gains to all housing segments except the under-$80,000 market. Homes selling from $250,000 through the millions registered the greatest increase in sales volume.

“This has definitely been a summer sales season unlike any we have seen before,” said HAR Chairman Danny Frank with Prudential Anderson Properties. “Our small bump in inventory in July was short-lived as consumers bought faster than homeowners sold in August. It’s difficult to say exactly when Houston’s boiling real estate market will begin to cool down.”

Foreclosure property sales reported in the HAR Multiple Listing Service (MLS) dropped 47.0 percent compared to August 2012. Foreclosures currently make up just 7.7 percent of all property sales, down from 19.6 percent at the beginning of the year. The median price of foreclosures jumped 12.6 percent to $90,055.

August sales of all property types in totaled 8,908, a 16.4 percent increase over the same month last year. Total dollar volume for properties sold shot up 35.6 percent to $2.2 billion versus $1.6 billion a year earlier.

 

About Danny Sanchez

Joining Rianne's award-winning team after a successful career as a Program and Operations Manager for a global outsourcing firm (with Fortune 100 companies as his primary clients), Danny has seen The Woodlands grow to what it has become today since 2001. An advocate for innovation and perfecting the Best Possible Real Estate experience, he understands very well that clients always come first. In his own words, "success looks like clients feel that they don't have any needs - because you've more than anticipated them."