High-end sales bolster Houston housing market

Houston home sales in the $500,000 to $1 million range increased 21.5 percent last month.Transactions in the Houston high-end property market surged in July, and rising demand for jumbo loans across the country could make lenders more willing to issue mortgages for larger amounts.Houston real estate data indicates that single-family home sales increased 27 percent last month from July 2011, according to a report from the Houston Association of Realtors.??”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.Specifically, the sales rate of properties in the $250,000 to $499,999 range spiked 40.5 percent from a year earlier, while home sales in the $500,000 to $1 million range increased 21.5 percent, the report said.Meanwhile, a recent report from the Wall Street Journal indicates that jumbo loans, which are normally mortgages exceeding $417,000, accounted for 15 percent of the total dollar volume among private lenders during the second quarter.Because these mortgages are often issued to borrowers with higher incomes and larger assets, this share of activity could increase even more in the near future both in Houston and across the country.????Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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