Trulia: Housing in Houston ‘humming’ along

The fundamentals of the Houston real estate market are solid.One of the most well-respected housing information sources in the country has labeled the Houston real estate climate as “humming.”Based on its price and rent monitors, real estate information website Trulia says that Houston classifies as a housing sector that’s humming along nicely, meaning its market fundamentals are stronger than average and there haven’t been wild shifts in price points.Other cities with this favorable designation includes Boston, Raleigh and Dallas – Houston’s neighbor to the east.The Lone Star State’s most populous city didn’t get Trulia’s top designation of booming, which the firm says typifies a market where big price increases have been complemented by strong fundamentals. However, Jed Kolko, Trulia’s chief economist, says that wild price disparities aren’t always a good thing.”In many local markets today, dramatic price gains can mask serious red flags,” said Kolko. “Strong job growth, low vacancy rate, and low foreclosure inventory–not huge price gains–are signs of a healthy housing market.”Virtually all of these favorable housing market tenets have been satisfied, based on recent statistics released by the Houston Association of Realtors. Inventory rates, for example, dipped to their lowest levels since 1999 this past December.
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