Houston real estate continues upward trends

Single-family home prices rose 4 percent on a year-over-year basis to $224,464.Although many local housing markets struggled to find solid footing during the month of August, Houston real estate posted notable gains in both home prices and sales transactions.According to a report from the Houston Association of Realtors, single-family home sales spiked 20 percent from a year earlier, marking 15 consecutive months of increases on this basis.This gain was caused, in part, by growth in local employment as well as mortgage rates hovering near all-time lows, offering affordable options for buyers who want to make the transition to homeownership.?”August rounds out an extremely prosperous summer for the Houston real estate market,” said HAR chairman Wayne Stroman. “As we saw in July, homes sold well in every pricing category, but particularly the higher end, which contributed to another boost in home prices.”Specifically, single-family home prices rose 4 percent on a year-over-year basis to $224,464, the report said. Although this may seem like a relatively high price point, the median price registered at $165,000, which could give a variety of Houston homebuyers from different income brackets options when purchasing property.Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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