Categorized | Residential

Houston Property Market Grows for Sixth Straight Month

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While the residential real estate markets of many Southwestern cities have experience immense struggles in the past few years, Houston’s residential property market has demonstrated strong growth in the last six months.

The most recent reports indicate that home sales in November increased yet again in November. As a result of the increased sales, overall inventory has fallen and the housing market is looking healthier than it has since before the real estate crash crippled the industry.

Home sales were up more than eleven percent from a year earlier, and all but one sector has experienced growth. The only market to see a decline in sales was the luxury market, where houses are priced at five hundred thousand dollars or greater. Ironically, the numbers are entirely opposite in many other markets, in that the luxury market is the only sector that has experienced any kind of increase.

Part of the reason for Houston’s overall housing market growth is that the economy in the city is showing strong signs of stabilization. More than eighty thousand jobs were added in the city, and more are expected in the near future. Consumer confidence is also up in Houston, which is another contributing factor to the improvement in the residential real estate market.

Prices are still down from previous years due to the increase in foreclosures on the market. However, as inventory continues to decrease, prices will likely increase beyond their 2010 levels. Inventory levels are already at their lowest point in almost twenty-four months, and will continue to drop in the coming months.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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