Low inventory may spur 5 percent rise in Houston real estate values

Home values are set to rise 5 percent, some experts say, due to rising demand for real estate in Houston.Thanks to a bevy of loan requests for Houston homes, home values could jump more than 5 percent in 2013.
According to a recent prognostication from the University of Houston's Institute for Regional Forecasting, real estate expert Evert Crawford says that home prices in the city could rise 5 percent or more over the next 12 months.
He noted that this prediction boils down to basic economics, as whenever there is a shortage in the marketplace, home prices tend to elevate.
Based on the latest statistics from the Houston Association of Realtors, inventory rates are at a 12-year low.
Affordable mortgage rates will likely keep prospective homeowners interested for the foreseeable future. According to Freddie Mac's most recent Primary Mortgage Market Survey, average rates for 30-year fixed-rate loans were 3.4 percent for the week ending January 10. That's down significantly from the 3.9 percent average 30-year FRMs were at this time last year.
Frank Nothaft, vice president and chief economist at Freddie Mac, indicated that a positive employment report helped keep rates at record lows.
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