Rising prices could aid homeowners in Houston real estate market

Home prices continued to rise in May.With home prices on the rise, property owners in the Houston real estate market might be regaining positive equity.?U.S. home price appreciation showed no signs of slowing down in May, with a 0.7 percent bump from the previous month and 7.3 percent year-over-year increase, according to the Federal Housing Finance Agency's House Price Index.?In addition to allowing homeowners to regain equity?on their mortgages, rising home prices could lead to more properties?going on the market. In fact, total housing inventory in June increased 1.9 percent to 2.9 million existing homes, the National Association of Realtors reported.?However, inventory levels were still well below that seen a year ago. Current levels represent a 5.2-month supply, while June 2012 had a 6.4-month supply.?”Inventory conditions will continue to broadly favor sellers and contribute to above-normal price growth,” said Lawrence Yun, NAR vice president and chief economist.?Despite the fact that inventory remains below that seen a year ago, Houston's real estate market could benefit greatly from rising prices and more homes available for sale.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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