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Houston Home Prices Break Records, Sales Highest in 4 Years

Houston Home Prices Break Records
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Houston Home Prices Break Records

 

There are certainly some really depressed markets in the real estate market right now. Las Vegas is dragging the entire US market into a gloomy state with low sales, high foreclosures and a lot of rough positions. Houston, Texas however is busting out of the gates and making Realtors across the country take notice.

If the Houston Real Estate market isn’t screaming at least a temporary recovery we just don’t know what else would do it. The Houston Association of Realtors (HAR) have announced with a report that home prices have now broken records and sales volume has reached the highest it has been in four years.

In interviews it was revealed that jobs are making a big impact on the real estate economy in Houston. “Both buyers and sellers are reaping the benefits of an extremely healthy and robust real estate climate in Houston, driven largely by continued job gains that have been responsible for drawing many new consumers to this market,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “Buyers are able to take advantage of the lowest interest rates in history as they shop for homes, and we’re also hearing accounts of sellers receiving the asking price for their homes, and in some cases getting even more.”

A single-family home has seen price increases that have been pegged at about 8.5% from 2011 to 2012. The single-family home average price is now $237,083 which is the highest that Houston has ever seen.

So the prices of the Houston home values are on a steamy rise what about the sales volume? May 2012 saw sales volume in the Houston home market see gains of 10.5% from a comparison of last year to May in 2012. The total pending sales in the Houston area were 4,476.

HAR MLS Market Update Video for May 2012

Join David Mendel and HAR Chairman Wayne Stroman, as they discuss property sales for May 2012.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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