The year 2005 was one of the greatest real estate years in
As sales go, so go the dollar volume sales and while Houston has experienced over $1.6 billion in dollar volume sales year-to-date, that is still 6% less than the second greatest year on record, 2007. Average sales price, on the other hand, is up 5% and is currently $198,396, one of the highest average sales prices on record. Average sales prices are affected by extremes and closing sales prices in
~ Homes priced $700,000-799,999 are up 19%
~ Homes priced $800,000-899,999 are up 4%
~ Homes priced $900,000-999,999 are up 24%
~ Homes priced $1,000,000 and up are up 37%
Homes priced below $200,000 have been most effected by the sub-prime mortgage meltdown and even more so by stringent credit requirements. This is a market that is most likely to receive a positive impact from Congress passing the Economic Stimulus Package, which among many things, increases the loan limit of FHA . It is too soon to see what impact the Economic Stimulus Package will have on the
The median sales price in
Pending sales recorded year-to-date are 7,231, which is down by 9% over this time last year.
~ Average sales prices are up in Houston over 2005 by 13%
~ Median sales prices in Houston are up over 2005 by 8.18%
~ Pending sales [buyer demand] are up over 2005 by 18.4%
~ Sales are up in Houston over 2005 by 11% as mentioned previously.
The real estate market is all relative. In 2005, we thought real estate could not get any better and yet, year after year, we saw it get better. This year will be better than 2005, however, it is difficult to exceed a record year every year. We are all fortunate to live, work and play in Houston, where real estate is healthy and home values are stable and in many cases, rising.
Statistics provided by the