OCTOBER 2011 MARKET REPORT

Like our summer temperatures, the Houston-area home sales were hot in August. Single-family sales spiked 30.2% compared to the same month last year, according to the Houston Association of Realtors. In fact, August marked the third straight month of increased sales with 5,543 transactions.

But before you get angry and call your Boulevard Realty agent to find out why your property wasn’t one of the closed transactions reported in August, it’s important for you to know that the recent increases are largely the result of lingering affects of the 2010 tax credit incentive. During 2010, the number of transactions tapered off considerably during the third quarter after the government incentive expired. Probably a more realistic comparison for you to consider is that on a year-to-year basis, sales for 2011 are up 1.8% over 2010.

The Houston Chronicle also reported a sizzle in August home sales, writing that the local housing market continued to favor buyers last month. The news source also reported that at the end of August, there was a 7.1-month supply of homes for sale, meaning it would take that long to sell all the homes on the market based on recent activity. A year ago, the area had an eight-month supply. However, Houston is starting to deplete some of its inventory.

Home prices were unchanged in August 2011, and low mortgage rates are bringing some buyers to the market, but there are still signs of stress.

Sellers in parts of town with new homes and foreclosures are having a tougher time with their properties. Some are taking their homes off the market or waiting to list them, a possible reason for the lower inventory.

At Boulevard Realty—where experienced and knowledgeable agents are the norm—we continue to work hard to find buyers for our clients’ properties. Regardless of the market, your calls will be answered by a live, breathing person who cares about helping you sell your property!
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