Real estate activity often cools in the fall and winter months, but transaction rates remained hot in November.During the month, pending home sales increased 1.7 percent from October, to an index of 106.4, according to a report from the National Association of Realtors. A mark of 100 indicates the level of activity that occurred when record keeping first began, which was prior to the housing market collapse.On a year-over-year basis, the pending home sales rate has now increased for 19 consecutive months, the report said.”Even with market frictions related to the mortgage process, home contract activity continues to improve,” said NAR chief economist Lawrence Yun. “Home sales are recovering now based solely on fundamental demand and favorable affordability conditions.”Houston real estate never fully experience the slowdown, which occurred through much of the rest of the country in recent years. In November, there were an estimated 5,891 sales throughout the metropolitan area, marking a 27.9 percent spike on an annual basis. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Archives for December 2012
Although the price of Houston real estate appreciated significantly so far this year, mortgage rates hovering at all-time lows could make the transition to homeownership affordable.During the week ending December 27, the average rate for a 30-year fixed-rate mortgage fell to 3.35 percent, from 3.37 percent, according to a report from Freddie Mac. Meanwhile, 15-year FRMs hit 2.65 percent, which was unchanged from the previous week.”Rates on 30-year fixed mortgages were nearly 0.6 percentage points below that of the beginning of the year, which translates into an interest payment savings of nearly $98,600 over the life of a $200,000 loan,” said Freddie Mac vice president and chief economist Frank Nothaft.Additionally five- and one-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.7 and 2.56 percent, respectively, the report said.During the month of November, the average price of a single-family Houston home spiked 10.5 percent on an annual basis, to $228,275, according to the Houston Association of Realtors. Luckily, mortgage rates at current levels could significantly offset the added costs.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Although real estate activity often slows in the fall and winter months, these seasonal trends have yet to come to fruition this year.During November, national existing-home sales, including single-family properties, condominiums, co-ops and townhouses, spiked 5.9 percent from the previous month to an annual pace of 5.04 million units, according to a report from the National Association of Realtors.”Momentum continues to build in the housing market from growing jobs and a bursting out of household formation,” said NAR chief economist Lawrence Yun.Meanwhile, as a result of the increased sales rate, property values appreciated 10.1 percent from November 2011 to a median price of $180,600, the report said.Although these gains were significant, Houston real estate continued to outperform national averages in November. Last month, single-family homes sales surged 27.3 percent on an annual basis, pushing average local prices to $228,275, according to the Houston Association of Realtors.?While this could make the prospect of purchasing a home less affordable, fixed mortgage rates continue to hover near all-time lows, which could significantly offset rising Houston home prices. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Texas is a beacon of economic and housing market prosperity, and continues to attract many households from across the country.In fact, Texas was once again recognized as the state that attracted the greatest number of relocating households in 2012, according to a report from Allied Van Lines. During the course of this year, the Lone Star State welcomed an estimated 1,566 families, which was slightly higher than the amount in 2011.”Texas has a business-friendly climate that continues to bring major companies to our state,” said Houston-based Westheimer Transfer and Storage president Ben Hurwitz. “We have reasonably priced housing compared to the rest of the country.”Houston is one of the major areas within the state that has attracted many households in recent years. The metropolitan area is home to a number of major corporations as well as prestigious colleges and universities, which have helped hold the local unemployment rate well below the national average.?As a result of the the stable local job market, Houston real estate thrived so far this year, as a number of local consumers have the financial stability needed to own property.??? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Basic economics demonstrates the success of any market is dependent on supply and demand, and when it comes to Houston real estate, it's no different.Buyer demand throughout the metropolitan area has surged so far this year, and as a result, the Houston housing inventory dwindled in recent months, according to a report from the Houston Association of Realtors.?During the month of November, the local housing inventory thinned to just a 4.1-month supply at the current sales pace, the report said.”Homes are selling at an unusually hefty pace for this time of year, and that has left fewer properties on the market and driven up prices,” said HAR chairman and CEO Wayne Stroman.Although a limited property inventory may give consumers limited options to make the transition to homeownership, it helped bolster property values. Last month, Houston home prices increased 10.5 percent on an annual basis, to $288,275, the report said.While this development makes the prospect of purchasing property slightly less affordable, mortgage rates hovering near all-time lows could offset the added cost. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Although there is often a slowdown in housing activity during the fall and winter months, Houston real estate carried on at an increase based in November.During the month, the single-family home sales rate spiked 27.3 percent from November 2011, according to a report from the Houston Association of Realtors. Although this was a notable gain, it was just the second largest year-over-year increase this year.”Homes are selling at an unusually hefty pace for this time of year, and that has left fewer properties on the market and driven up prices,” said HAR chairman and CEO Wayne Stroman.As a result of the increased sales rate, the local property supply hit just 4.1 months, down from a 6.2-month supply recorded a year earlier, the report said.?The Houston housing market has outperformed national averages in recent years and this trend is expected to continue in 2013. Part of the success could be the result of fixed mortgage rates hovering near all-time lows.During the week ending December 13, the average rate for a 30-year FRM fell to 3.32 percent, from 3.34 percent, according to Freddie Mac. Meanwhile, 15-year fixed-rate mortgages hit 2.66 percent, a slight decline from 2.67 percent a week earlier.? ??Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Houston real estate was resilient following the housing market collapse, but conditions throughout the rest of the country remain uncertain. However, as the national market finds its footing, housing could experience a notable boost in 2013.Property values hit bottom earlier this year, and have recently seen many consecutive months of gains, the Wall Street Journal reports. However, as the housing supply catches up with demand, there is a sense of urgency among buyers.”Every single thing about housing is flashing green,” J.P Morgan Chase chief executive James Dimon recently told CNBC. “Household formation is rising, inventory is falling, and affordability is near a record high.”Meanwhile, rising prices could prompt even more homeowners to list their properties on the market in the near future, the report said.According to data from the Houston Association of Realtors, the number of homes on the Houston market recently reached the lowest level in nearly a decade. While some buyers could find themselves with limited options, a number of local developers have recognized this void and are looking to fill it.? Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
Rising Houston home prices throughout much of 2012 made the market weigh heavily in favor of sellers. However, a number of local consumers have changed the way they approach the homebuying process, which has proven to be quite successful.Due to a large amount of demand and a limited supply, some buyers may not have the luxury to take their time with the homebuying process, the Houston Chronicle reports. Often times, when a consumer shows interest in a property, it doesn't take long for another buyer to come along a take it right out from under them with a well-timed offer.”If you think you like something in this particular market, you better make an offer then and there or someone will beat you out,” loca buyer Angelo Poli told the newspaper.So far this year, property sold the quickest in popular parts of the city with limited supplies. This was especially apparent in areas in the western section of the metropolitan areas – especially those along and south of Interstate 10.On the other hand, prospective buyers who shop around in neighborhoods that have struggled with foreclosures or have new developments, may find themselves with a considerable amount of leverage to make the transition to homeownership. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
In the wake of the national housing market collapse, Texas emerged relatively unscathed and continued to make considerable progress in September and October this year.During this period, the annual pace of existing-home sales spiked 15 percent from a year earlier, according to a report from the Federal Reserve Bank of Dallas. Meanwhile, the number of residential building permits surged 33.7 percent, which could give prospective buyers additional options in the near future. These trends are not expected to lose momentum in 2013.?”The forecast for 2013 is for economic growth to continue at a fairly strong pace as energy extraction growth subsides, export growth remains weak, government growth is stable at a low rate and construction activity continues to improve,” the report said.Houston real estate also experienced considerable gains so far this year. Houston is home to a number of major corporations, especially from the energy industry. This factor continues to attract a number of households from across the country, and the local housing market has thrived as a result. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.
States with strong economies often also have successful housing markets, and when it comes to Texas, this is especially true.The Lone Star State was recently recognized by Forbes as one of the best places for businesses. Based on factors such as costs, labor supply, current economic client, growth prospects and quality of life. Overall, Texas ranked seventh on the list.As a result of the strong economic climate, many local metropolitan areas, including Houston, have seen notable gains in real estate so far this year.Most recently, during the month of October, there were 5,379 single-family Houston home sales, marking 17 consecutive months of increases, according to a report from the Houston Association of Realtors.”Home sales throughout Houston were incredibly strong in October and sent the supply of homes down to 4.4 months, which is the lowest level we've observed in 11 years,” said HAR chairman and CEO Wayne Stroman.Houston real estate prices have also increase significantly so far this year, and are expected to continue doing so next year. Prospective buyers should take advantage of current conditions before a transaction becomes more expensive. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.