Houston home sales rate strong in November

Houston's single-family home sales rate spiked 27.3 percent from November 2011.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.

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