Houston home prices on the rise in October

The average single-family home price rose to $223,366, up from $206,255 in October 2011.Houston home prices increased in October, as the local real estate market continued to make gains during uncertain economic times.Last month, the total residential housing value through the metropolitan area increased 47.2 percent on an annual basis to roughly $1.4 billion, according to a report from the Houston Association of Realtors. This was caused, in part, by significant job growth and a rising transaction rate.”Our active real estate market reflects the general health of the Houston economy, most notably the addition of close to 96,000 new jobs over the past year, according to the latest Texas Workforce Commission employment report,” said HAR chairman and CEO Wayne Stroman. “The inventory squeeze has definitely created fertile ground for homebuilders.”Meanwhile, the average single-family home price rose to $223,366, up from $206,255 in October 2011, the report said.Although this may be out of the price range of some prospective buyers, they can rest assured knowing fixed mortgage rates fell to new all-time lows during the week ending November 21. According to a report from Freddie Mac, the average rate for a 30-year FRM dipped to 3.31 percent, while 15-year fixed-rate mortgage averaged 2.63 percent.????? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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