Houston was among the top U.S. cities in which to earn a living according to Forbes Magazine [article written September 3, 2009]. View the article by clicking here .
Forbes Magazine Summary:
“Among the best reasons to take up residence in Houston or Dallas, according to Forbes, is the number of top-ranked companies headquartered in each city: 38 and 15, respectively.”
The rankings were determined by median income, cost of living, job growth and the quality of the business environment.
Most importantly, the magazine stated that ”if you are worried about the economic situation changing in Houston, Dallas or Austin, in the next few years, don’t be. As health care, technology and energy take more employees into their ranks, cities that specialize in these core industries will continue to draw skilled workers and dole out attractive compensation.”
The Houston Market:
Each month that passes in 2009 brings more positive news about the Houston real estate market and its buoyancy. The percentage declines we experienced in the first quarter of 2009 are declining. Slowly but surely we are climbing back to a more normal market and with a bright employment picture ahead, real estate is destined for better days.
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Houston Single-Family Market Improvement Comparison 2009 |
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|
Market Indicator |
February ‘09 |
June ‘09 |
August ‘09 |
% Change from 02/09 to 08/09 |
|
# of units sold |
-24% |
-20% |
-16% |
+8% |
|
Dollar Volume Sold |
-33% |
-24% |
-20% |
+14% |
|
Avg. Sales Price |
-12% |
-6% |
-5% |
+7% |
|
Median Sales Price |
-8% |
-2% |
-1 |
+7% |
|
# of Pending Sales |
-23% |
-21% |
-19% |
+4% |
|
Active Listings |
-20% |
-22% |
-22% |
-2% |
|
August 2009 Report from Real Estate Center at Texas A & M and Houston Association of Realtors |
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The table above displays how the Houston area market appeared to reach bottom in February with almost one fourth of the number of units and one third of the dollar volume dissolving from the previous year-to-date. However, as time marches through 2009, those declines have declined. See the column above “% Change from 02/09 to 08/09” to see the market improvement. The only market indicator that is not in a positive position is the number of active listings, which are down by 22% over this time last year and down 2% from February 2009. Reduced inventory is a positive indicator and prevents real estate values from declining.
Here is a summary of Houston Single-Family Real Estate Market statistics for August 2009 year over year comparison:
- Sales reached 35,792 units sold, a 16% decline over August YTD 2008.
- Dollar volume sales reached $7,272,385,965, a 20% decline during the same time frame.
- Average sales price is $203,185, a 5% decline over August YTD 2008.
- Median sales price [half of the homes sold above the median and half below, and not subject to extreme fluctuations like average sales price] is $153,500 and that figure is down by only 1% from this time last year.
- # of pending sales or homes that have gone under contract year-to-date are 24,985 or a 19% decline over August YTD 2008.
- Active listings are 27,882 or 22% below those found in August YTD 2008.
While these statistics are not glowing, # of sales, dollar volume sold and pending sales have even improved from July, so the market continues to return with every month that passes. The Brookings Institute ranked Houston the #1 housing market in the nation; see our July 10, 2009 blog for details. Houstonians are fortunate to have weathered this economic downturn better than any in the nation.
