Categorized | Residential

Housing Market in Houston Finishes 2011 with Gains

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While years prior have been very difficult for the Houston residential real estate market, things are finally starting to look up for the city. Analysts are now considering Houston to be a healthy property market after December of 2011 marked the seventh straight month of price and sale increases.

The residential real estate market in Houston posted its first yearly average price increase from 2010 to 2011 since the real estate crisis began.

Residential property analysts are attributing the increase to a variety of different factors. Housing inventory in Houston reached its lowest level in two years in December of 2011. The decreased supply will likely lead to increased demand and positive growth in property pricing in Houston, particularly as single-family home sales continue to increase each month. The median sales price for December hit a new all-time high in the city of Houston. The positive increase in both sales and pricing is a very good indicator that the housing market in the city has regained its health.

Both single-family home and condominium rentals increased in December in Houston as well. With the inventory of homes for sale reaching its lowest point in over two years, the market is outpacing the rest of the country.

While there is much to be celebrated about Houston’s housing market, there are still some concerns over foreclosure sales. They accounted for a fifth of all property sales in Houston, which is still rather high. Analysts believe that once foreclosure sales decrease, housing prices will rise even further.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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