THE WEATHER IS NOT THE ONLY THING HOT IN HOUSTON!

HOUSTON'S HOUSING MARKET MAINTAINS ITS SUMMER SIZZLE THROUGH JULY

Per the most recent update from the Houston Association of Realtors July marks the 14th consecutive month of positive home sales, with housing inventory at a five-year low.

HOUSTON — (August 21, 2012) — Local home buying remained hot in July as real estate consumers accounted for the 14th straight month of positive sales and the steepest one-month sales gain in nearly a year.

Single-family home sales soared 27.0 percent compared to July 2011, according to the latest monthly data prepared by the Houston Association of REALTORS® (HAR). The robust sales activity is keeping local housing inventory at its lowest level in more than five years.

"July was another very healthy month for the Houston real estate market with strong sales across all housing segments, from lower-priced homes to luxury homes," said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. "Sales volume isn't achieving the record levels we experienced in 2006, before the recession, but you'd be hard-pressed to find a market performing as well as Houston, even as the national housing recovery continues. Houston's steady employment growth remains a key driver."

Both average and median prices were up in July. The single-family home average price increased 3.7 percent year-over-year to $231,484, the highest level for a July in Houston and the third highest price of all time. The median price—the figure at which half of the homes sold for more and half sold for less—rose 6.3 percent to $170,000, matching June's revised record high (originally reported as $171,000).

Foreclosure property sales reported in the Multiple Listing Service (MLS) were flat compared to July 2011. Foreclosures comprised 16.3 percent of all property sales, a share that has continued to slide since the 27.8 percent level high recorded in January. The median price of July foreclosures declined 4.5 percent to $80,199.

July sales of all property types in Houston totaled 7,363, a 24.6 percent increase compared to July 2011. Total dollar volume for properties sold during the month rocketed 29.9 percent to $1.6 billion versus $1.3 billion a year earlier.

July Monthly Market Comparison:
July brought Houston's overall housing market positive results when all sales categories are compared to July 2011. On a year-over-year basis, total property sales, total dollar volume and average and median pricing all rose.

Month-end pending sales for July totaled 4,079. That is up 11.5 percent from last year and indicates the likelihood of another month of positive sales when the August real estate transactions are totaled. Active listings, or the number of available properties, at the end of July declined 16.3 percent from July 2011 to 41,860.

After holding at 5.5 months through May and June, the inventory of single-family homes dipped to 5.3 months in July, which is the lowest level the Houston market has observed since February 2007. In July 2011, inventory was 7.6 months. It has remained below a six-month supply since December 2011. The 5.3-month figure compares favorably to the national inventory of single-family homes of 6.6 months recently reported by the National Association of REALTORS® (NAR).

What does all of this mean to buyers and sellers?  If you are looking to purchase a home in today's market place you will need to move quickly. Have everything ready to go with your lender and do not try to low ball the offer. Most homes listed today are receiving multiple offers so go in with your best offer.

If you are trying to decide if it is time to sell now or wait let me help you "SELL NOW".  With limited inventory homes are selling in a shorter amount of time and for closer to list price.  However, you must still price your home correctly and it must show well.  

Whether you are considering selling or purchasing a home you should always use the services of a full-time, professional Realtor. Your real estate professional will be able to answer many of your questions about an area and guide you to additional resources that will assist you in your decision making process. I would love to be your Realtor, give me a call at 713-822-8555 or email anytime Pamela@SellingHomesInHouston.com.

Pamela Efferson, Broker Associate - Realtor
ASR, CSR, GRI, HRC, SRES
Member HAR, NAR, TAR, WCR

PAMELA EFFERSON PROPERTIES
Keller Williams Metropolitan

Phone: (713) 822-8555

Pamela@SellingHomesInHouston.com
Blog: https://blogs.har.com/Efferson
Web: https://www.SellingHomesInHouston.com

2009 Featured REALTOR in Real Estate Executive Magazine
2010-2012 Houston Association of Realtors Top Producer
2010 & 2011 Real Estate Masters Award Winner
2011 & 2012 FIVE STAR  Real Estate Agent Texas Monthly Magazine