Houston housing builds momentum in July

During the month of July, the sales rate of single-family homes surged 27 percent throughout Houston.The Houston real estate market has been a bright spot in an otherwise bleak national housing market during recent months, and it doesn't appear to be losing steam anytime soon.During the month of July, the sales rate of single-family homes surged 27 percent throughout the city compared to last year, according to a report from the Houston Association of Realtors. As a result, the area's housing inventory thinned to the lowest level experienced 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 HAR chairman Wayne Stroman.Meanwhile, although the declining inventory may have resulted in fewer options for prospective buyers, it caused the price of single-family homes to increase 3.7 percent on an annual basis to $231,484,? the report said.Since property values plummeted following the housing market collapse, leaving numerous homeowners upside down on their mortgages, this development is very positive, as it could allow residents to escape from under the thumb of negative equity. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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