Take notice buyer and sellers.  The housing market is on the mend in many parts of the country, including some local markets in Houston and Pearland.

The National Association of Realtors reported a +10.1% increase for the national median home price year to year in November 2012.  In fact, November marked the ninth consecutive month of home-price increases for the US market.

Here are some local resale statistics from HAR.com showing median price changes 2012 versus 2011:

Silverlake -2%
The Lakes of Highland Glen  -8%
The Villages at Mary's Creek +14%
Shadow Creek Ranch -2%
Pine Hollow -8%
Green Tee Terrace +3%
Southern Trails -11%
Oakbrook and Oakbrook Estates +10%
Sunrise Lakes NO CHANGE
Towne Lake Estates +2%
Pearland Park Estates -2%

The positive numbers and even the slight decreases are good news for sellers after years of some continued and large declines.  But what exactly will the continued road to recovery mean to buyers and sellers going forward?

Here are the major expected changes for the housing market in the next year from MSN Real Estate:

1.  More Expensive Houses (But not Much More with Clear Capital Estimating a 2.1%  price increase overall)
2.  Loans Are Expected to Get More Expensive (Interest Rates May be on the Rise & FHA Mortgage Insurance Premiums are Too)
3.  Inventory is Decreasing (Less Homes for Sale Means a Possible Switch to a Seller's Market)
4.  Lenders will begin to implement the Ability to Repay Rule this Year and it will be Mandatory by January 2014 (Designed by the Government to Protect Consumers, this will Make Obtaining a Loan even More Difficult for Some Buyers)
5. Home Equity Loans are Increasing (As Home Values Increase these Loans Become Less Risky for Lenders and Rates are Expected to Become More Compeitive)
6.  There are Less Distressed Homes Available (the Number of Short Sales and Foreclosures is Decreasing so Sellers May No Longer Have to Compete with Severely Underpriced Homes)
7.  More New Construction is Expected (Sales are Up $15+% versus Last Year While the Number of Permits Increased 27% According to Census Bureau Data!)
8.  The Luxury Market is Expected to Slow Down (Capital Gains Tax Hikes as Part of the Fiscall Cliff are to Blame)

All of these mean continued stabilization of the market.  In some cases we may even begin to see more of a seller's market transition.  All things considered sellers can breathe a sigh of relief as more positive news comes their way.  Buyers are still encouraged to seize the opportunity to buy with such historical low prices and low interest rates.