Houston real estate outperforms national housing trends in November

During November, national existing-home sales spiked 5.9 percent from the previous month.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.

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